Gold  $ 1,592.30
Silver  $ 27.38
Platinum  $ 1,431.20
Palladium  $ 576.70
Daily Market Report
GOLD SETTING UP ANOTHER WEEKLY LOSS
The drop in Gold price continued overnight, putting the Precious Metal on pace to close lower for the week. The U.S. dollar gained against the yen, adding strength to Gold’s decline as a stronger dollar makes dollar-denominated commodities like Gold more expensive for holders of other currencies. BNP analysts Harry Tchilinguirian and Stephen Briggs reduced their 2013 Gold forecast, but they also predicted Gold would be trading back above the $1,600 mark in six months.
U.S. stock futures are up and, unlike Gold, are expected to extend a third week of gains as the Group of Seven finance chiefs begin a two day meeting today in Aylesbury, a town north of London. The U.S. Federal Reserve has made clear their intentions to keep rates low until the target employment level is hit. Credit Suisse Asset Management Senior Advisor Bob Parker said, “Currently, it’s 7.5 percent. The key question is: when do we get to 6.5 percent? My guess is the middle of 2014.” Since 2007, central banks around the world have announced 511 interest-rate cuts, with Vietnam and Sri Lanka joining those ranks today.
At 9 a.m. (EDT), the Pure Gold Global Precious Metals spot prices were:
Gold, $1,437.20, Down $33.90.
Silver, $23.47, Down $0.54.
Platinum, $1.494.90, Up $23.10.
Palladium, $705.00, Down $11.80.
Pure Gold’s Market Report, News and Commentaries’ 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 "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by Pure Gold Global to hold, to purchase or to sell any precious metal product.