Daily Market Report 7/30/12

GOLD

Gold held steady around $1,620 per ounce today, as investors wait for the central banks on both sides of the Atlantic to give clearer cues on the potential for further monetary stimulus. Last Friday’s data showed U.S. economic growth slowed in the second quarter as consumers spent at their slowest pace in a year, increasing pressure on the Federal Reserve to do more to bolster the recovery ahead of the Fed policy meeting later in the week. Uncertainty over another round of quantitative easing, known as QE3, has held Gold in a consolidation pattern over the past two months. More monetary easing would raise inflation outlook and benefit Gold, seen as a hedge against rising prices. At 11am PDT, Gold is trading at $1,623 per ounce, virtually unchanged from Friday’s after-market close, on light volume.

SILVER

Finally, today Silver rallied above $28 and stayed in a narrow trading range, while Gold consolidated around $1,620 per ounce. At 11am PDT, Silver is up $0.44, trading at $28.11 per ounce. Trading volume was surprisingly light considering today’s gain. 

PLATINUM & PALLADIUM

Platinum was up slightly today, holding the $200 discount to Gold. However Palladium was the star performer for the day, up $12 per ounce (2.1%). Palladium benefited from Asian overnight buying.