Morning Gold & Silver Market Report – 4/24/2013

Ryan Schwimmer

4/24/2013 8:11:00 AM

PRECIOUS METALS BOOSTED BY DEMAND, ECONOMIC DATA

Precious Metals prices are on the rise this morning thanks to strong physical demand. Also boosting Gold and Silver’s appeal were a couple of economic reports, starting with a weak reading in German business confidence, which signaled more troubles for the largest eurozone economy. A separate report showing U.S. durable goods orders dropped 5.7 percent in March gave another boost to the Gold price, which is currently up 1.5 percent.

One analyst speaking on the movement in Precious Metals said, “Overall, the demand under the market is keeping it supported and as long as we don't see a repeat of last Friday and Monday's shenanigans, we look set to consolidate the recent gains.” VTB Capital analyst Andrey Kryuchenkov added, “You could argue that Gold's rebound today is in line with that seen in other metals and equities due to expectations of more monetary easing (after German [confidence] data). The slightly weaker dollar is also supportive but for Gold it's difficult to assess what the drivers are after last week's sharp sell off and investors are still sidelined.”

At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:

• Gold, $1,431.30, Up $20.00
• Silver, $23.22, Up $0.30.
• Platinum, $1,431.10, Up $12.30.
• Palladium, $676.00, Up $1.60.

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