Closing Gold & Silver Market Report – 10/4/2012
Ted Prince
10/4/2012 4:35:00 PM
GOLD RISES AFTER NEWS OF EUROPEAN DEDICATION TO MONETARY EASING
Gold and the other Precious Metals ended the day up significantly as European Central Bank President Mario Draghi assured the public that the bond-buying initiative for the eurozone is helping ease financial anxiety. Europe’s plan for quantitative easing (QE) is set to continue for the foreseeable future. Today’s reassurance that fiscal assistance will persist has once again bolstered the Gold price, which is close to breaching the $1,800 mark. “Indications from Mario Draghi [...] that the European version of quantitative easing will go on as planned no matter what happens in the U.S.” provided support for Gold prices, said Brien Lundin, editor of Gold Newsletter.
Along with Precious Metals, the Dow Jones and S&P 500 both ended the day in positive territory. The Dow rallied 80.75 points while the S&P climbed for its fourth straight session. Friday’s nonfarm payroll data is expected to show an addition of 113,000 jobs last month with a rise in unemployment from 8.1 to 8.2 percent. Time will tell if the United States’ own QE program will be enough to rouse the lagging economy.
At 4:35 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1791.10, Up $12.30.
- Silver, $35.00, Up $0.32.
- Platinum, $1,720.50, Up $29.40.
- Palladium, $673.00, Up $14.10.
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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
