Closing Gold & Silver Market Report – 5/8/2013
Ted Prince
5/8/2013 4:01:00 PM
GOLD REBOUNDS ON WEAK DOLLAR, ASIAN DEMAND
Gold climbed to its highest level in almost one month following Tuesday’s losses. Support from a weaker dollar and strong demand for the metal in Asia have helped drive the price today. Along with a substantial influx of net Gold buying in China, which reached a record level in March, "Indian physical demand is also strong and the combined response by consumers and retail investors to the plunge in prices since mid-April is absorbing a portion of the liquidation in the Gold-exchange traded funds,'' HSBC’s Chief Precious Metals Analyst James Steel said. Though it appears the market favors higher risk assets in the short-term, long-term investors are still bullish on the future price of Gold and other Precious Metals.
As Gold continues to struggle for solid footing, equities continue to climb, with the S&P 500 set to record its fifth straight day of gains and the Dow Jones Industrial Average adding to its advance which propelled it above 15,000 for the first time yesterday. As the corporate earnings season has passed, investors will look to economic reports for indicators on further upward market movement. The Federal Reserve is expected to continue its quantitative easing (QE) measures which have been a strong promoter of market momentum since the beginning of the year. Prolonged commitment to loose monetary policy like QE is expected to be bullish for Gold long-term.
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1475.50, Up $24.30.
- Silver, $24.01 Up $0.11.
- Platinum, $1503.70, Up $21.00.
- Palladium, $697.50, Up $14.90.
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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
