Morning Gold & Silver Market Report – 8/8/2013

DOLLAR FALLS TO SEVEN-WEEK LOW

Precious Metals and U.S. stock futures added to early gains after the release of the weekly jobless claims report.  The report showed that 5,000 new claims were filed, and new claims from two weeks ago were revised upwards.  Continuing jobless claims increased by 67,000.  The U.S. dollar fell after the report to a seven-week low, leading the way for Gold and Silver to continue their climb.

Cleveland Federal Reserve President Sandra Pianalto said Wednesday that the Fed could begin tapering its quantitative easing (QE) program soon, should recent job market improvements continue, though the comments had little effect on Precious Metals prices. Analysts at HSBC said in a note, “The bullion market's lack of a reaction to Ms. Pianalto's comments may indicate the degree of QE 'tapering' expectations already built into the Gold price.  An announcement by the Fed later in the year to withdraw QE would be seen as less of a surprise for the gold market.”

At 9:52 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,296.30, Up $9.10.
  • Silver, $20.00, Up $0.41.
  • Platinum, $1,481.80, Up $42.50.
  • Palladium, $741.90, Up $17.20.

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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
4/17/2014 5:15:48 PM EST

Metal Bid Ask Change
Gold $1,294.60 $1,296.60 ($8.90)
Silver $19.60 $19.70 $0.02
Platinum $1,405.70 $1,415.70 ($22.10)
Palladium $792.10 $797.10 ($6.20)
4/17/2014 5:15:48 PM EST

Click here for Historical Charts*All Charts are in USD


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