Closing Gold & Silver Market Report – 5/13/2013
May 13, 2013IS THE U.S. ECONOMY REALLY ON TRACK FOR RECOVERY?
Gold felt pressure today with an increase in U.S. retail sales for the month of April and a stronger U.S. dollar compared to other foreign currencies.  This week, Gold could be affected by several U.S. economic indicators that are expected, such as producer prices, the consumer price index, and consumer confidence.  More recently, U.S. economic data has reflected a sense that the nation is stable and growing with additional jobs being created and consumer confidence on the rise. 
Crude oil fell 0.9 percent based on many of the same reasons for Gold’s price dip.  The market believes the fact that the Federal Reserve may follow through with a pullback in further quantitative easing measures, which would create a more stable currency.  “Signs that a stronger economy is emerging could give the Fed more ammunition to raise rates by early 2014, giving fundamental support to the greenback and further whittling away any fears of inflation,” said Darin Newsom, senior analyst at commodity market research company DTN.
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,432.20, Down $6.90.
- Silver, $23.71, Down $0.04.