Morning Gold & Silver Market Report – 10/30/2013

Ryan Schwimmer

10/30/2013 8:12:40 AM

JOBS DATA DISAPPOINTS; ALL EYES ON FED

Precious Metals prices are higher this morning as investors await an official monetary policy decision from the Federal Reserve. The Fed is wrapping up a two-day meeting Wednesday, and most are expecting a continuation of its quantitative easing (QE) program. U.S. economic data has been the major driver of the decision to continue QE recently. The Labor Department announced early Wednesday that the economy added 130,000 private-sector jobs in October, while expectations were for a gain of 150,000 jobs.

Gold and Silver prices have climbed since the Labor Department’s release, but most analysts say that further movement could occur when the Fed announces their policy decision Wednesday afternoon. The Gold price “may rally if the Fed FOMC statement indicates the Fed has become more dovish, as pointed out before, we would expect the rally to fade if physical demand in Asia, and China in particular, is not strong,” Standard Bank analysts said Tuesday. ANZ Research added, “A break to the upside will target levels of $1,365/oz and $1,375/oz, while immediate downside support rests at $1,342/oz.”

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,356.50, Up $9.00.
• Silver, $23.00, Up $0.45.
• Platinum, $1,477.00, Up $14.10.
• Palladium, $750.50, Up $2.50.

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