Mid-Day Gold & Silver Market Report – 4/12/2013
Brandi Brundidge
4/12/2013 12:15:00 PM
GOLD DROPS ON ECONOMIC CONCERNS
Today Gold fell to its lowest level since July 2011, as economists’ forecast for the yellow metal has fluctuated against certain factors. Gold’s response to economic data and U.S. and foreign currencies has adjusted over time and MKS Group’s Senior Vice President Frederic Panizzutti has noticed, saying that lately, Gold “does not seem to respond adequately to the current financial and geopolitical situation. The rumors yesterday about Cyprus possibly selling some Gold from its Central Bank reserves had a psychological impact resulting in some selling despite the fact that the amount of Gold being mentioned could easily be absorbed by the market.”
U.S. consumer confidence dropped to a nine month low in April as economic stability has become a concern for Americans. Pessimistic data on jobless reports and recent retail sales is preventing economic growth. The Federal Reserve plans to continue with its monetary easing policy to create stronger job and housing markets.
At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,508.50, Down $59.40.
- Silver, $26.50, Down $1.32.
- Platinum, $1,496.90, Down $39.90.
- Palladium, $709.00, Down $25.40.
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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
