Good Morning Gold - Thursday, October 31, 2013
Gold is down in early Thursday morning trading and last traded at $1,326.50, Silver trading down at $22.09, Platinum last traded down at 1,458.00 and Palladium trading down at $738.60.
Traders and investors are bearish after the FOMC meeting ended on Wednesday. A more positive attitude seems to be coming out of the U.S. government and in the FOMC statement on Wednesday, the Fed said the U.S. economy has made improvements in recent months. This positive statement by the Fed has led traders to new speculation about the market place and the QE tapering of the monthly bond buying program could end sooner than expected.
Reports overnight said demand for physical in India is slow, despite the festival season approaching. The Diwali festival of lights is on Sunday, and reports coming from India say demand for gold is down do to the higher tax rates on gold imports and the weakness in the Indian currency.
Look for choppy trading today as this is the last day of the month and is expected to be a very active trading day, as traders try to put last minute trades on the books for September.
-- Robert Burnside, Director, Precious Metals Department, DGSE Companies, Inc.
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