Closing Gold & Silver Market Report – 2/7/2013

Brandi Brundidge

2/7/2013 4:03:00 PM

GOLD DROPS AFTER PESSIMISTIC VIEWS FROM ECB PRESIDENT

Gold fell slightly today once European Central Bank (ECB) President Mario Draghi created concern in the market from his negative comments. Draghi believes that the eurozone economy will not show growth until later in 2013, saying Europe has more negative risks than positive at this time. “Gold showed resilience even as the dollar strengthened after the ECB comments. There’s some minor risk aversion washing through the market,” Socgen analyst Robin Bhar said.

The Labor Department reported today that U.S. nonfarm productivity dropped in the fourth quarter of 2012 by the most in almost two years. Another report indicated weekly unemployment applications fell as Americans have seen a minor increase in hiring. Chicago Federal Reserve President Charles Evans is optimistic for the U.S. economy as he foresees the country on track for a healthy recovery in 2015. Evans thinks the unemployment rate will drop significantly in the coming years to a stronger rate of 6.5 percent.

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

• Gold, $1,672.20, Down $7.10.
• Silver, $31.50, Down $0.42.
• Platinum, $1,719.90, Down $16.60.
• Palladium, $751.40, Down $14.40.

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