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Market Reports

Morning Gold & Silver Market Report – 8/29/2013

METALS VOLATILE ON ECONOMIC DATA

Precious Metals prices fell after the release of two bits of economic data this morning, but have since recovered from those losses. The second-quarter U.S. gross domestic product estimate was revised upward from 1.7 percent to 2.5 percent, while the weekly jobless claims report dropped by 6,000 from last week. These positive reports are expected to again raise expectations for the U.S. Federal Reserve to taper its quantitative easing program, which has been highly supportive of Precious Metals prices in the past. However, there is also speculation that recent tensions in Syria will keep the Fed from beginning tapering.

Wedding season in India is approaching, though INTL FCStone’s Edward Meir says the Indian rupee’s slide against the U.S. dollar “will almost certainly raise fresh doubts about Indian Gold demand going into the wedding season, especially now that the impact of a weaker currency is being magnified by sharply higher Gold prices.” India is the world’s top consumer of Gold.

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

  • Gold, $1,413.60, Down $7.20.
  • Silver, $24.23, Down $0.23.
  • Platinum, $1,530.10, Down $11.00.
  • Palladium, $742.50, Down $5.00.
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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