U.S. stock futures held steady while Precious Metals added to gains after this morning’s release of economic data. First quarter U.S. gross domestic product (GDP) figures were  revised downward to show a 2.4 percent growth, though expectations were for no change. Also, the weekly jobless claims report showedclaims jumped by 10,000, which was more than expected. Precious Metals prices jumped after the news, as the less than stellar economic data points toward business-as-usual for the U.S. Federal Reserve’s quantitative easing program.

The Gold price finally broke through the $1,400 per ounce level and many analysts are looking for the price to hold  to show that it has broken through the resistance point. SP Angel analyst Carole Ferguson said, “The fall in equity markets in the past few days shows that there is perhaps some concern that these had moved up too quickly at a time when you also had everyone buying the [U.S.] dollar on expectations of U.S. recovery. I think the reversal of that is what is obviously helping Gold and prices could settle not far from here if the $1,400 level is sustained, which will depend on whether investors continue to buy into risk or not.”

At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:

• Gold, $1,409.50, Up $15.70.
• Silver, $22.87, Up $0.33.

U.S. and European markets are experiencing losses today as investors consider data released yesterday that hinted the U.S. Federal Reserve may look to end its monetary easing program. Consumer confidence data was released Tuesday with numbers higher than they have been in five years. Housing market numbers are also on the rise and came in stronger than expected. However, the Organization for Economic Cooperation and Development warned that  government bond yields could spike as central banks begin to retreat  from their current monetary easing.

The Gold price is up this morning, primarily on strong physical buying from China.  Lower prices in Asia are luring in physical buyers  to the point that dealers are having a difficult time meeting the increased demand. Gold is still struggling to break the $1,400 mark as outflows from exchange traded funds continue. There are predictions for future price drops due to the actions the Fed might take to reduce monetary easing.

At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:

• Gold, $1,388.00, Up $7.10.
• Silver, $22.37, Up $0.09.

U.S. stock futures are on the rise as the  Gold price is down in morning trading. After equities fell late last week as it became apparent the U.S. Federal Reserve would not end quantitative easing earlier than expected, Stephen Pope of Spotlight Ideas said, “We cannot rule out aggressive buying after last week’s dip because the general tenor of the U.S. economy is steady and the start to adjust the books before May month-end begins.”

A rising U.S. dollar is also adding pressure to Gold’s price. Though physical demand for Gold is still very strong, it continues to be overshadowed by exchange-traded funds, which are recording record outflows.  A key resistance level for Gold is $1,400 per ounce. Saxo Bank senior manager Ole Hansen said, “We made several attempts at the $1,400 level but, especially the last three, have failed every time. The tug of war continues as the physical market is happy picking up Gold at these levels, but the paper market isn't — they are seeing bond yields up and inflation staying subdued. They're potentially worried that the [U.S.] dollar could have a bit of a renaissance.”

At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:

• Gold, $1,383.00, Down $6.50.
• Silver, $22.38, Down $0.24.