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Market Reports

Closing Gold & Silver Market Report, 7/27/2012

GOLD CLOSES AT HIGHEST PRICE IN FIVE WEEKS 

Gold closed the trading week at its highest price in five weeks on strong words from European leaders and anticipation of fiscal stimulus by the United States Federal Reserve. “It seems the ECB is pulling out at all stops to protect the euro,” said William O’Neill, a partner at Logic Advisors.

Gold has been moving in relatively close correlation with the euro lately, and with more European leaders publicly making very strong statements about doing everything necessary to support the multinational currency, markets have pushed the euro up, with the currency to close the week with its first weekly gain against the American dollar since June.

Oil, which often moves in correlation with Gold, rose in four of the five trading sessions this week. “Financial markets see a benign mix of gently rising risk appetite as worries over an imminent eurozone disaster ease and prospects for another U.S. stimulus increase,” said Carsten Fritsch, oil analyst at Commerzbank. Tensions between Western governments and Iran continue to cause anxiety in oil markets. Iran has taken further step to try to skirt Western sanctions and shows no sign of slowing its quest for nuclear power.

At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,624.50, Up $7.40.
  • Silver, $27.81, Up $0.26.
  • Platinum, $1,412.00, Up $6.40.
  • Palladium, $578.30, Up $7.40.

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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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