Mid-Day Gold & Silver Market Report – 4/24/2013
Nicholas Wilsey
4/24/2013 12:34:00 PM
GOLD MOVING UPWARD MID-WEEK
The Gold price is moving toward its third gain in four days. One of the driving factors of the increase in the Gold price today is the U.S. durable goods report, which was lower than expected. “Overall, the weak tone of this report underscored the emerging narrative of a considerable slowing in economic growth momentum in March,” TD Securities senior economist Millan Mulraine said. Many economists blame the slowdown on the budget cuts that took place earlier in the year and believe businesses are being more hesitant due to the uncertainty in the economy.
A recent poll of banking analysts shows that they believe Gold prices will stay above $1,400 per ounce due to the support of physical buying; however, after the major sell-off of Gold exchange-traded funds it may take some time to get back to pre-dip levels. “There has been a lot of damage, a lot of negative sentiment that it would take a long time to really sort of reverse that and I don't think we have the ingredients to do that," Societe Generale analyst Robin Bhar said. With the current status of the global economy, there are many investors still bullish on the long-term value of Gold.
At 1:01 pm (EDT), the APMEX precious metals spot prices were:
- Gold, $1424.60, Up $13.30.
- Silver, $22.96, Up $0.05.
- Platinum, $1431.10, Up $12.30.
- Palladium, $669.30, Down $5.10.
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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
