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Closing Gold & Silver Market Report – 9/24/2013

GOLD, STOCKS LOOK TO BREAK MULTI-SESSION LOSING STREAKS

Gold has recovered ground lost during morning trading as technical support and physical demand helped rally Precious Metals back to even levels.  “Buyers have been stepping in each time Gold holds support down near $1,300 an ounce, which looks like a short-term bottom for now,” U.S. Global Investors head trader Michael Matousek said.  As Gold looks to snap a three-day losing streak, concerns regarding next week’s U.S. employment reports continue to pressure the yellow metal as a positive report would likely encourage an imminent reduction in the Federal Reserve’s quantitative easing measures. 

U.S. stocks continue to struggle as budget concerns and Middle East tensions weigh on the minds of investors. “We may have a couple few weeks where there is still lingering concern over the Fed along with very much headline risk around the budget ceiling debate,” Nuveen Asset Management head of equities David Chalupnik said. “Over the short term, we would see the market continue to either muddle through or consolidate before we hit earnings season.”  Short term investors will eye global and domestic news as benchmark equities indexes hope to break their four session losing streak during Wednesday’s session.

At 5:22 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,325.00, Down $4.00.
  • Silver, $21.74, Down $0.15.
  • Platinum, $1,429.10, Up $2.20.
  • Palladium, $718.80, Up $1.90.
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Disclaimer:
APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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