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Market Reports

Morning Gold & Silver Market Report – 9/3/2013

SILVER SHINES AHEAD OF ECONOMIC DATA

Gold, Platinum and Palladium prices are flat, and the Silver price is approximately three percent higher in morning trading. Standard Chartered analyst Daniel Smith said, “It is difficult to predict development in the geopolitical situation [in Syria], but obviously this will be followed by the Gold market and if we have a massive crisis prices will rise on the back of it. Any [economic] data out of the United States this week is going to be pretty critical to the outlook of Gold and we are expecting a strong labor report, which encourages the idea of QE tapering.” The Federal Reserve will have a two-day policy meeting beginning Sept. 17.

U.S. stock futures are pointing higher this morning after President Barack Obama said he would seek Congressional approval before making a decision on the situation in Syria. The Labor Day holiday saw higher global markets with thin volumes. Naeem Aslam of Ava Trade said, “There is no doubt that the global markets did enjoy an uptick day yesterday, but the volume was thin in the absence of the biggest economy of the world. [Volatility] will remain elevated given that the economic docket for this week is full of colorful fireworks.”

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

  • Gold, $1,400.90, Up $2.80.
  • Silver, $24.46, Up $0.93.
  • Platinum, $1,530.30, Up $2.20.
  • Palladium, $723.10, Up $0.30.

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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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