Gold moves up but silver slips
Bullion metals ended mixed on Tuesday, 19 November 2013 at Comex. Gold futures settled higher on Tuesday, getting back on track after its short winning streak was derailed a day earlier amid further indications from the Federal Reserve that the tapering of the bond-buying program would begin sooner rather than later. Silver ended marginally lower.
Gold for December delivery climbed $1.20, or 0.1%, to settle at $1,273.50 an ounce on the Comex division of the New York Mercantile Exchange. It touched an intraday high just above $1,278.
December silver, meanwhile, pulled back by 2 cents, or 0.1%, to end at $20.33 an ounce after tapping a high near $20.48.
The market place has been quieter early this week, and is awaiting the U.S. Federal Reserve's FOMC minutes release on Wednesday afternoon. The minutes will be from the October meeting, and as always traders and investors will be scrutinizing the report for any fresh clues on Fed monetary policy moves upcoming.
In overnight news, the German ZEW economic expectations survey was released and hit a four-year high. The ZEW expectations indicator rose to 54.6 in November from 52.8 in October. However, the number was slightly below market expectations of a reading of 55.0. However, the ZEW current conditions index dropped to 28.7 in November from 29.7 in October. The ZEW news did not have a positive impact on the European stocks markets, which were mostly weaker Tuesday.
The Organization for Economic Cooperation and Development reported Tuesday the major focus of concern for the Paris-based body has shifted from the European Union and its sovereign debt problems to the U.S. and its fiscal and budget problems. The OECD noted surprise the market place has focused so much on the timing of the U.S. Federal Reserve's expected tapering of its monthly bond-buying program, also called quantitative easing. The OECD also forecast its 34-members countries' collective economy will grow by 1.2% in 2013, by 2.3% in 2014 and by 2.7% in 2015.
Reports say there continues to be slack demand for physical gold coming out of the two largest gold-importing countries: China and India.
Today's economic data at Wall Street was limited to the third quarter employment cost index, which increased 0.4%, down from a 0.5% increase in the second quarter. The consensus expected the index to increase 0.5%. Year-over-year, compensation increased 1.9%. Wages and salaries increased 0.3% in the third quarter. That is down from a 0.4% increase in the second quarter and the weakest gain since increasing by the same amount in Q4 2012.
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