11.09.2013 - Precious metals ETFs eye FOMC
Precious metals came under pressure last week as the Syria premium receded and stock markets recovered on the back of generally better than expected economic data. However, following weaker than expected US unemployment data on Friday precious metals prices rebounded. August US unemployment was consistent with the July figure, indicating stagnating employment growth. Despite a decline in the unemployment rate to 7.3%, the labor participation rate declined to 63.2%, the lowest since 1978 and non-farm payrolls remain disappointing. In addition, with the US expected to hit its budget ceiling by mid-October, concern surrounding policy relating to US debt may also help support the gold price...............................................Full Article: Source
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