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Mid-Day Gold & Silver Market Report – 12/2/2013


Gold and Silver prices have fallen in morning trading after positive U.S. manufacturing data was released. Positive economic data fuels expectations that the Federal Reserve will begin tapering its quantitative easing program perhaps as soon as this month. Naeem Aslam, chief market analyst at AvaTrade, said, “Although, it is difficult to see any tapering this year, but surely you cannot rule this out, especially given that we have [U.S. monthly] jobs data due this week.” Aslam continued by saying that $1,180 per ounce is the key support level for Gold price.

U.S. stocks have benefited from the holiday shopping season, according to BTIG LLC chief global strategist Dan Greenhaus. After noting that Wall Street has gained approximately 75 percent of the time in December, Greenhaus said, “For the stock market the story is seasonality; December is one of the best months of the year. It's a really strong month, so to start the month, that's probably the story. Then you add in the less provable numbers like performance chasing and window dressing.”

At 1 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,226.20, Down $26.20.
  • Silver, $19.42, Down $0.63.
  • Platinum, $1,347.90, Down $22.40.
  • Palladium, $713.00, Down $6.60.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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Our spot prices are subject to change during the following hours, excluding holidays. View current spot prices for Gold, Silver, Platinum and Palladium on our Spot Price Charts page.

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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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