12 Sep 2013
It’s all losses for metals as risk appetite stays high
FXstreet.com (Chicago) – Gold remains trading around 3-month lows as the Syrian conflict seems to be neutralized, at least momentarily. Most metals trade with losses in the afternoon of the American session.
Initial jobless claims in the US were 292K vs. past 323K and expected 330K. The monthly budget statement for August came at $-147.9B vs. past -97.6B and estimates at $-150.0B. Treasuries rose to 2.93% (10 yr) while gold dropped to $1,330.20 after falling from $1,366.20 highs and bouncing off $1,325.60 lows for a total of 2.46% daily losses so far. Silver, down 4.36%, trades at $22.16 after retracing from $23.26 highs and bouncing off $22.06 lows. Platinum is also down 2.04% and is offered at $1,443.50 after retracing from $1,476.40 highs and rebounding from $1,437.70 lows. Copper is also down and trades at $3.2130 accumulating 1.35% losses so far with highs at $3.2755 and lows at $3.1915. Finally, palladium is up 0.26% with highs at $696.95 and lows at $686.00 to trade at $693.00.
The Syrian government presented documents to the UN to join the Chemical Weapons Convention, banning and destroying mass destruction weaponry and agreeing to international standards. Although there has not been a clear statement on end of military strike threats, market participants favor risk appetite.
Initial jobless claims in the US were 292K vs. past 323K and expected 330K. The monthly budget statement for August came at $-147.9B vs. past -97.6B and estimates at $-150.0B. Treasuries rose to 2.93% (10 yr) while gold dropped to $1,330.20 after falling from $1,366.20 highs and bouncing off $1,325.60 lows for a total of 2.46% daily losses so far. Silver, down 4.36%, trades at $22.16 after retracing from $23.26 highs and bouncing off $22.06 lows. Platinum is also down 2.04% and is offered at $1,443.50 after retracing from $1,476.40 highs and rebounding from $1,437.70 lows. Copper is also down and trades at $3.2130 accumulating 1.35% losses so far with highs at $3.2755 and lows at $3.1915. Finally, palladium is up 0.26% with highs at $696.95 and lows at $686.00 to trade at $693.00.
The Syrian government presented documents to the UN to join the Chemical Weapons Convention, banning and destroying mass destruction weaponry and agreeing to international standards. Although there has not been a clear statement on end of military strike threats, market participants favor risk appetite.