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Market Reports

Morning Gold & Silver Market Report, 8/16/2012

GOLD BEING PULLED IN BOTH DIRECTIONS  

Precious Metals prices recovered slightly after two economic reports were released this morning. United States housing starts and jobless claims were worse than expected. Economists expected housing starts to rise slightly, but they fell by 1.1 percent. Economists also expected a rise of about 1,000 in new jobless claims, but the real result was slightly higher at 2,000. These reports could give the Federal Reserve more ground for another round of quantitative easing (QE), about which some are expecting a decision later this month.

Physical demand for Gold is taking a hit in India now. That country has been the world’s largest consumer of Gold, in large part due to its high demand for use in jewelry. The two factors that are playing into the softening demand are an increase in import duties and a weak Indian rupee, which drives the local price of Gold higher. Combined with a stronger dollar and weaker euro, the rest of the world is seeing the Gold price hover around $1,600 per ounce. With currency trade on one end and the desire for a safe haven investment on the other, Gold seems to be tugged by both sides at the moment, waiting for a potential announcement on QE from either the United States Federal Reserve or the European Central Bank.

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

  • Gold, $1,608.30, Up $3.20.
  • Silver, $27.97, Up $0.05.
  • Platinum, $1,402.60, Up $5.40.
  • Palladium, $580.40, Up $0.90.

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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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