Morning Gold & Silver Market Report – 7/30/2013

GOLD DEMAND, PREMIUMS SWELL IN INDIA

Precious Metals prices are slightly lower this morning on anticipation of economic data and the Federal Open Market Committee (FOMC) meeting later this week. Physical demand for Gold in India, the world’s largest consumer of the metal, increased this week as the country’s central bank instituted new rules in an attempt to reign in its swelling trade deficit. Due to new restrictions, Bachhraj Bamalwa of All India Gems and Jewellery Trade Federation explained, “Premiums are increasing as there is no Gold available. No one in India is able to import for now, due to the new regulations and a lack of clarity on the operational procedures.” Demand is still very high in India and will only grow with supply issues for citizens.

U.S. stock futures gained in morning trading, following the lead from European stocks overnight. Ishaq Siddiqi of ETX Capital said, “[U.S. Federal Reserve Chairman Ben] Bernanke’s testimony to U.S. Congress earlier this month cleared up much confusion over tapering for investors, so little is expected from the Fed other than perhaps some updated projections of the U.S. economy, which should reaffirm that a recovery remains in train.” Economic data to be released today is expected to have little impact on markets, with housing and consumer-confidence data on tap.

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

  • Gold, $1,327.50, Down $4.10.
  • Silver, $19.85, Down $0.10.
  • Platinum, $1,440.60, Down $3.10.
  • Palladium, $740.00, Down $6.10.
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Disclaimer:

APMEX’s ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/23/2014 9:36:43 AM EST

Metal Bid Ask Change
Gold $1,284.60 $1,286.60 $3.50
Silver $19.39 $19.49 $0.08
Platinum $1,390.30 $1,400.30 $0.00
Palladium $780.00 $785.00 $0.40
4/23/2014 9:36:43 AM EST

Click here for Historical Charts*All Charts are in USD


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