Afternoon Market Update: Jan 9

January 9th, 2013 by

Spot silver and gold closed slightly down from yesterday in New York trading, ending the day near the middle of the trading range.  Spot gold closed in New York at $1659.00 , down $2.80, and spot silver closed at $30.46, down 5 cents.

With little to steer the market today, gold and silver contended with a stronger dollar as well as a stock market that spend the day in slightly positive territory.  Oil prices continue to soften, as the gasoline stockpiles in the U.S. last week grew at 7.4 million barrels, triple the rate expected.

Trading volume continues to be light, as players await the opening salvo in the debt ceiling battle between Obama and Congress. All is not gloom in precious metals, however. Platinum and palladium benefited from positive outlooks for the auto industry, as commentators have been covering the expected shortage of both metals as the global economy recovers. Platinum broke above trendlines to finish at $1,603.00 and palladium finished up $14.00 at $691.00

Tomorrow’s European Central Bank meeting should provide fodder for the markets one way or the other, as Eurozone trading has been affected by the recent report of an average 11.8% unemployment across all the countries.

 

by David Peterson