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Market Reports

Morning Gold & Silver Market Report – 4/16/2012

GOLD PRICE DIPS ON SPAIN CONCERNS  

Gold prices were heading lower this morning as the financial situation in Spain continues to cause investor concern. As fears intensify, it is likely that Spain’s debt costs during this week’s bond auction will rise. This decreased appetite for higher risk is driving the euro lower, allowing the U.S. dollar to gain strength. Couple this with the signs of a weakening Chinese economy, and Gold prices could continue to feel pressure.

The March retail report came out better than expected, but the manufacturing report for the New York region dropped sharply. Total retail sales were up by 0.8 percent, which beat expectations. However, this news was somewhat offset by the dismal New York manufacturing report. Economists expected a drop from 20.21 in February to 17.50 in March for that region, but instead the index dropped to 6.56.

Inflation in India slowed less than expected in March. Increases in food and energy costs were somewhat offset by a decrease in manufacturing. This continuing inflation trend is keeping alive hopes that the Reserve Bank of India will step in with rate cuts.

At 8 a.m. (CDT), the APMEX precious metals spot prices were:

  • Gold - $1,653.40 – Down $7.30.
  • Silver - $31.63 – Up $0.18.
  • Platinum - $1,572.50 – Down $14.40.
  • Palladium - $645.50 – Down $2.80.

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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