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Market Reports

Morning Gold & Silver Market Report – 5/17/2013

GOLD DECLINE CONTINUES AS U.S. DOLLAR SURGES

The Gold price is continuing its steady march downward and is facing its seventh straight day of losses. The Gold price could post a weekly loss of nearly five percent. Thursday’s data put a damper on Precious Metal’s appeal as a larger-than-anticipated drop in consumer prices for April was reported, lessening Gold’s traditional safe-haven appeal. The U.S. dollar once again gained against the basket of six currencies it is measured against. The dollar index is near 10-month highs, pushed up on comments from San Francisco Federal Reserve President John Williams. Williams said that if the economy continues expanding in line with forecasts, the Fed could slow its bond-buying program as soon as this summer.

The World Gold Council reported recently that in the first quarter of this year, physical demand for Gold bars and coins surged 10 percent from a year ago, and jewelry demand climbed 12 percent. Central banks around the world continued to add to their Gold holdings, putting more than 100 tons of the Precious Metal away in their vaults.

At 9:19 a.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,379.10, Down $10.80.
  • Silver, $22.69, Down $0.08.
  • Platinum, $1,474.30, Down $12.80.
  • Palladium, $742.70, Down $0.10.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 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.

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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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