Mid-Day Gold & Silver Market Report – 8/2/2013

Ted Prince

8/2/2013 12:01:00 PM

GOLD STEADIES AS JOBS REPORT EXPECTED TO INFLUENCE CONTINUED QE

The Gold price remains steady at mid-day after a turbulent morning of trading.  An initial dip, caused by bearish investors predicting a reduction of quantitative easing next month, was followed by a quick rebound prompted by weak jobs data. “There is a bit of ambiguity in the numbers because the unemployment figure is at multi-year lows but all-in-all I think Gold may be able to hold above $1,300 [per ounce] in the coming sessions as the data is changing what people were thinking about the tapering story and the timing of it,” Standard Bank analyst Marc Ground said.  As Precious Metals markets have been relatively flat this week, investors will begin gearing up for potential monetary policy announcements that could create more volatility in metals and stock markets. 

Following a benchmark day for stocks in which the S&P 500 rose to a new record high, equities prices are trading down heading into the weekend.  Employers added fewer-than-expected jobs during the month of July, causing investors to pause after yesterday’s rally.  Though the addition of 162,000 jobs last month is the smallest amount in four months, John Manley, chief equity strategist for Wells Fargo Fund Management, said, “This number isn’t an earth-shaker.  It is debatable if it was good or bad. It was OK. The number still indicates the [U.S. Federal Reserve] is going to be there for a while, that is not bad.”

At 1 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,314.00, Up $0.80.
• Silver, $20.02, Up $0.31.
• Platinum, $1,451.20, Up $6.40.
• Palladium, $731.70, Down $1.60.

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