Closing Gold & Silver Market Report – 12/27/2010
At 4PM (CT) the APMEX precious metal prices were:
- Gold price - $1,385.10
- Silver price - $29.32
- Platinum price - $1,738.00
- Palladium price - $772.80
COMMENTARY: Precious metal trading stayed consistent throughout the day. Both gold and silver fluctuated slightly above or below the open, while Platinum and Palladium held on to nice gains. Palladium even broke through at $768 resistance level. The big news of the day continues to be the Chinese inertest rate hike. Although this news sent stock markets down, it did not affect the price of gold as one would expect. In fact, gold is slightly up and not down. I would point out that although gold is often cited as a hedge against inflation, there are so many other factors that influence the price of gold in our modern world, that even the Chinese action to curb inflation did not drive prices down. Bargain hunters moved in to buy on the dips.
Gold spot price was up $4.10 – Silver price was down 2 cents – Platinum spot price was up $13.90 – Palladium price was up $13.70