Certified Gold Prices Steady Ahead Of Data Release Posted by Brian Ford on June 05, 2013
Certified gold prices remained steady on Wednesday morning due to a general lack of new data and investors who were skittish about buying yet determined not to sell with gold maintaining above-$1400 levels.
The rest of the week could be more tumultuous, according to many gold market analysts. Economic reports that are generally used as indicators of the health of U.S. financial markets include the ADP national employment report, the weekly MBA mortgage application survey, production costs, manufacturing shipments and current inventories, the ISM non-manufacturing report, the global services PMI and the Federal Reserve’s latest beige book. Positive or even “better than expected” data that could still be construed as negative could shock the gold market, while numbers that fail to meet prior expectations could send the gold spot price, as well as PCGS certified coin prices, soaring.
The gold spot price could fall as low as $1370 today or it could jump closer to the $1450 threshold, depending on investors’ analysis of the aforementioned data. Additionally, global reports due to released later this week include the minutes from the European Central Bank’s monthly meeting on Thursday, as well as the U.S. employment report that will be made public on Friday.
As of noon EST on Wednesday the gold spot price was $1406.20, a $5.90 increase for the day. In the last month gold is down 4.4 percent and the gold spot price has fallen approximately 13 percent during the last 365 days. Visit the Certified Gold Exchange Daily Market Update again on Friday for a recap of the week’s price movements as well as expert insight on what could transpire in the gold market next week.