Closing Gold & Silver Market Report – 9/24/2013

Ted Prince

9/24/2013 4:23:00 PM

GOLD, STOCKS LOOK TO BREAK MULTI-SESSION LOSING STREAKS

Gold has recovered ground lost during morning trading as technical support and physical demand helped rally Precious Metals back to even levels.  “Buyers have been stepping in each time Gold holds support down near $1,300 an ounce, which looks like a short-term bottom for now,” U.S. Global Investors head trader Michael Matousek said.  As Gold looks to snap a three-day losing streak, concerns regarding next week’s U.S. employment reports continue to pressure the yellow metal as a positive report would likely encourage an imminent reduction in the Federal Reserve’s quantitative easing measures. 

U.S. stocks continue to struggle as budget concerns and Middle East tensions weigh on the minds of investors. “We may have a couple few weeks where there is still lingering concern over the Fed along with very much headline risk around the budget ceiling debate,” Nuveen Asset Management head of equities David Chalupnik said. “Over the short term, we would see the market continue to either muddle through or consolidate before we hit earnings season.”  Short term investors will eye global and domestic news as benchmark equities indexes hope to break their four session losing streak during Wednesday’s session.

At 5:22 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,325.00, Down $4.00.
• Silver, $21.74, Down $0.15.
• Platinum, $1,429.10, Up $2.20.
• Palladium, $718.80, Up $1.90.

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