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Gold Bullion Prices Steady on Disappointing Economic Data

October 21, 2013 - A pair of independent factors have parlayed gold’s gains last week into a promising start for the week of October 21. It appears, according to many gold bullion market analysts, that investors have less than full confidence in Washington’s ability to maintain the long-term solvency of the dollar, after weeks of arguing and finger-pointing culminated in a budget/debt deal that will only keep the government in business for a few more weeks.

Not only is the deal that ended the shutdown temporary but newly released data shows that government stimulus plans may not be doing as much to boost the economy as previously thought. Home sales fell 1.9% in September as potential buyers were scared off by the uncertainty surrounding the fiscal crisis.

The combination of disappointing economic data and a shutdown deal that will have to be revisited soon allowed gold to surge to over $1300 per ounce last week, reaching as high as $1328 on Friday. There was vast speculation as to what would become of gold bullion values this week, but so far it appears that profit-taking has been minimal and the bulls have retained control of the market, at least for now with strong support keeping gold above the psychologically-important $1300 mark.

Non-investment gold demand has been steady, with jewelers buying heavily to prepare for the holiday season and industrial-use gold being scooped up in large quantities due to what buyers view as a relatively low spot price. For this reason, some analysts are predicting that gold bullion prices could rise another 4-6% before the end of 2013.

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Jonathan Monroe

Senior Staff Writer - Gold-Bullion.org

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