Morning Precious Metals Update for October 30

October 30th, 2012 by

With Wall St. literally under water this morning, and the U.S. jobs report later this week, the markets are somewhat subdued today.  A weakening dollar and rising rupee has encouraged Indian gold purchases the last few days, which were lagging behind last year’s numbers. News of more Japanese stimulus, and the continued simmering labor violence in South African mines are also helping a bit to provide a temporary floor right now.

Our late morning spot price report shows gold at $1.711/oz  and silver continuing to hang out around the $32/oz mark, as has been its habit lately.