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Closing Gold & Silver Market Report – 10/28/2013


Precious Metals prices remained flat through Monday before this week’s Federal Reserve meeting. Today, economic data was released showing a September increase in U.S. factory production of only 0.1 percent, which is lower than the 0.3 percent rise that was forecast in a Bloomberg survey of economists.  The low figure suggests once again that the Fed will delay tapering until early next year as weak U.S. economic data continues to be released. “With the recent shutdown, fiscal brinkmanship and modest employment numbers, there is little reason to taper,” Barclays PLC analyst Suki Cooper wrote in a report today. “Prices lack support from the physical market for sustained gains.”

The Federal Reserve begins its two-day policy meeting Tuesday, which has the market in a frenzy over the Fed’s next financial move. Gold has been reacting heavily the past few weeks with the government shutdown and the likelihood that the Fed could stay true to its tapering statement made this past summer. “Gold is very sensitive to the U.S. data because if more and more figures confirm that tapering will be delayed, that is positive for the U.S. Treasury market and negative for yields,” Quantitative Commodity Research owner Peter Fertig said.

At 5:10 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,354.20, Down $0.30.
  • Silver, $22.56, Down $0.13.
  • Platinum, $1,472.10, Up $15.60.
  • Palladium, $747.80, Down $1.10.

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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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