Daily Gold Update

Source: Dana Samuelson, American Gold Exchange

Austin, TX— Gold fell over 1% last night in Asian trading as traders took profits following yesterday�s price surges on the heels of the Fed�s announcement of QE4. Stop-loss selling triggered by gold�s fall below it�s 100-day moving average of $1,705 pressured the market further. After the Asian sell-off gold was mostly range bound, albeit lower, in the London and New York sessions. Silver gave up more ground than gold, falling over 4%, while platinum dropped just over 2% and palladium fell 1.5%. Uncertainty over whether or not the U.S. will go over the fiscal cliff at the end of the year contributed to the selling pressure as some short-term speculators opted to begin taking money off the table as the year end approaches.

At the Comex close: February gold fell $21.10 to $1,696.80; March silver fell $1.43 to $32.36, it�s lowest price in over a month; January platinum fell $33.30, to $1,613.10; and March palladium fell $9.65 to $691.50 an ounce.

Fiscal cliff woes also weighed on stocks and oil, which traded lower today, following House Speaker John Boehner�s news conference where he declared spending to be the issue preventing a deal to avert sequestration. Traders also had a chance to digest yesterdays Fed QE4 announcement and their unexpected change of policy, linking near-zero interest rates to the U.S. unemployment rate instead of their previously pledged time frame of 2015. Many markets world-wide anticipated the Fed�s QE4 announcement and had priced that in during the past week, in effect buying the rumor. Today precious metals and other markets had a bit of that sell the fact feel to them.