Closing Gold & Silver Market Report – 12/23/13

Brandi Brundidge

12/23/2013 4:16:00 PM

WHAT PRICE WILL SUPPORT GOLD AS CONSUMER CONFIDENCE RISES?

Precious Metals prices traded slightly lower during mid-day Monday ahead of the holidays.  The yellow metal is set to end the year nearly 30 percent down as it struggles to find support with an improving economy.  "I would argue that there is support at $1,190 ... but there may be more downside as it doesn't take much to move the market in thin holiday trading," Andrey Kryuchenkov, analyst at VTB Capital, said.  The market has attempted to predict the supported level for Gold, but it is hard to determine what that price actually is. 

The Commerce Department confirmed that consumer spending jumped 0.5 percent in November resulting in the seventh straight month of increases.  The good news is a reflection of U.S. employment and industrial production, as the economy has shown strength during the third quarter and leading into 2014.  The Federal Reserve has attempted to keep inflation below 2 percent with various measures in place and will likely keep interest rates near zero for the coming months.

At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,200.00, Down $6.20.
• Silver, $19.50, Down $0.01.
• Platinum, $1,330.50, Down $4.70.
• Palladium, $696.80, Down $2.00.

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