Daily Market Report 9/10/12

GOLD

Swiss investment bank UBS upped its Gold and Silver price forecasts Monday, citing increased expectations for an imminent balance sheet expansion from the U.S. Federal Reserve as a key factor. The bank upped its one-month forecast for Gold to $1,850 a troy ounce from $1,700/oz previously, and its three-month forecast to $1,850/oz from $1,750/oz. Similarly, the bank upped its Silver one-month forecast to $37/oz from $32/oz, and its three-month Silver forecast also to $37/oz from $35/oz.

At 11am PST Gold is at $1,730.80 per ounce, down $5.50 on average volume.

SILVER

Silver is following Gold’s lead today. At 11am PST Silver is at $33.65 per ounce, down $0.13 on average volume.

PLATINUM

Striking South African platinum miners stayed off the job on Monday and marched to press wage demands at the Lonmin mine, a major producer, as 15,000 workers at the world’s fourth biggest bullion producer, Gold Fields, also downed tools.

At 11am PST Platinum is trading at $1,605 per ounce, up $10.