Morning Gold & Silver Market Report – 4/26/2013
Ryan Schwimmer
4/26/2013 8:17:00 AM
GDP MISSES MARK; GOLD ON TRACK FOR WEEKLY GAIN
The Gold price spiked briefly this morning after the release of the first quarter U.S. gross domestic product (GDP) report. Economists expected to see 3.0 percent growth, and investors were disappointed with a 2.5 percent reading. U.S. stock futures added to losses on the news. One potential result of this report is the continuation of the U.S. Federal Reserve’s quantitative easing program, which has historically been a boon to Precious Metals prices.
In overnight trading, Gold rose over the $1,485 per ounce mark. IG Markets Ltd. chief market strategist Chris Weston said, “The prospect of emerging market central bank buying and strong physical demand has put a bid in the market and reminded everyone that it’s not all about speculators.” The U.S. dollar fell against a basket of currencies and only added to those losses after the GDP report was released. Gold is on track for a five percent weekly gain after the recent selloff saw the price down by 11 percent.
At 9:16 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,469.40, Up $4.90.
- Silver, $24.12, Down $0.13.
- Platinum, $1,483.80, Up $18.20.
- Palladium, $682.00, Down $1.40.
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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
