Mid-Day Gold & Silver Market Report, 8/9/2012

Brandi Brundidge

8/9/2012 12:05:00 PM

GOLD PRICE INCHES UP ON WEAKER CHINESE ECONOMIC DATA  

While many investors have paused, waiting for some clear definition of action from the European Central Bank (ECB) or the United States Federal Reserve, China’s weakening economic data has kept alive optimism for more monetary easing in China. With no clear plan from the ECB and only hints from the Fed, Precious Metals trading has been sluggish. “There seems to be sense of frustration that Gold hasn’t pushed out of the July ranges. But the frustration may come to an end soon as we see a pennant formation on the chart,” said Nick Trevethan, senior commodity strategist at ANZ in Singapore. 

American stocks headed lower today as better than expected unemployment claims data was not enough to overcome the continuing fear of the European debt crisis. “We acknowledge the positive news,” said Wayne Lin at Legg Mason Inc. “We’ve had some positive surprises on the jobs front, and it seems that housing has found some footing. Yet people are aware of the risks. The risk in Europe is still out there.” The labor data out today indicated a drop in the number of unemployment claims as employers appear to be retaining staff.

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

• Gold, $1,616.20, Up $2.20.
• Silver, $28.20, Up $0.02.
• Platinum, $1,411.30, Up $0.10.
• Palladium, $587.90, Down $0.10.

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