Our Daily
Market Reports

Mid-Day Gold & Silver Market Report, 9/6/2012

POSITIVE DATA FROM U.S. AND NEWS FROM ECB MOVE STOCKS/GOLD PRICES HIGHER

U.S. stocks are up today following positive economic reports and news about the European Central Bank’s (ECB) unlimited bond-buying program. Information showing growth in the U.S. services sector – as well as in employment and exports – coincided with the ECB’s announcement, and this has driven the S&P 500 above its highest point since 2008. According to Mario Draghi, President of the ECB, the new bond-buying plan, “…will enable us to address severe distortions in government bond markets which originate from, in particular, unfounded fears on the part of investors of the reversibility of the euro.”

The gold price benefited as a result of the latest news from the Eurozone, rising above $1,700 an ounce to reach its highest level in six months. "Gold is holding because the market has been given what it was hoping for, but in order for gold to move decisively higher from here, we need to see what numbers the U.S. will bring to the table," Ole Hansen, senior manager at Saxo Bank, said. Hansen’s remark is in reference to anticipation of the U.S. Federal Reserve’s announcement on whether or not they will seek their own bond-buying plan to help stimulate a lagging U.S. economy. A third round of quantitative easing (QE) could cause an additional boost to gold prices, as QE has been one of the main factors in doubling the price of gold since 2008.

At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,704.80, Up $11.80.
  • Silver, $32.69, Up $0.36.
  • Platinum, $1,587.00, Up $10.40.
  • Palladium, $647.50, Down $0.60.

APMEX’s Account Managers now have extended hours Mondays through Fridays and are here to serve you until 8 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

« Return to Commentaries

World Market Trading Hours

Our spot prices are subject to change during the following hours, excluding holidays:

 
Gold
Silver
Platinum
Palladium
CONMEX &
NYMEX Markets
Monday-Friday
8:20AM-1:30PM
Monday-Friday
8:25AM-1:25PM
Monday-Friday
8:20AM-1:05PM
Monday-Friday
8:30AM-1:00PM
CME Globex
World Markets
Monday-Friday
6:00AM-5:15PM
Monday-Friday
6:00AM-5:15PM
Monday-Friday
6:00AM-5:15PM
Monday-Friday
6:00AM-5:15PM

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.

Back To Top

Items In Cart


There are no items in the cart.

AURIC