Closing Gold & Silver Market Report – 10/17/2012
Ted Prince
10/17/2012 4:13:00 PM
GOLD UP ON WEAK DOLLAR; INVESTORS FOCUS ON EUROZONE
Gold ended the day higher as a weaker dollar drove the metal up for the second day in a row. Increased confidence over Europe’s debt dilemma is the main catalyst pushing down the dollar. Though Gold experienced mild gains today, a significant price boost was halted by positive news about the U.S. housing market. A 15 percent increase in construction starts on U.S. homes easily outpaced economist’s forecasts. Traditionally, the pulse of the housing market is a quality indicator of current economic conditions.
Investor attention will be fixed on the eurozone tomorrow as the region’s leaders convene to discuss the European debt crisis. Since the European Central Bank announced its plans to buy unlimited quantities of debt, market concerns over a possible meltdown of the eurozone have lessened. There is still distress over the extremely dire situation in Greece and the need for further debt restructuring. "A Greek exit from the euro carries the risk of a European and even international conflagration and could trigger a global economic crisis," Bertelsmann Foundation said, citing the study it commissioned from Prognos AG.
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1751.00, Up$5.20.
- Silver, $33.25, Up $0.28.
- Platinum, $1665.80, Up $23.60.
- Palladium, $654.20, Up $14.30.
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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
