Closing Gold & Silver Market Report – 10/23/2013

GOLD CLIMBS ON POSITIVE CHINESE ECONOMIC DATA

Precious Metals prices continued their rise today with Gold futures climbing more than one percent. It is a five week high for Gold that comes on news of positive manufacturing data from China showing a seven-month high in the country’s Purchasing Managers’ Index. Naeem Aslam, chief market analyst at AvaTrade, said, “The economic recovery is getting better in the country. This is definitely a positive sentiment for Gold demand, given that China is one the biggest consumers of Gold.”

Investors are adding record amounts of margin debt as the stock market nears all-time highs. September margin levels grew to a record $401 billion. The gain of 4.78 percent for the month was also the largest increase since January, creating concern for some analysts.  Paul Hickey, co-founder of Bespoke Investment Group, said, “Investors love going on margin in a rising market environment, but when the market declines, it can be extremely painful.”

At 5:57 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,348.80, Up $12.80.
  • Silver, $ 22.77, Up $ 0.11.
  • Platinum, $ 1,452.20, Up $ 11.60.
  • Palladium, $ 748.10, Up $ 1.10.

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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
4/20/2014 10:11:40 PM EST

Metal Bid Ask Change
Gold $1,283.20 $1,285.20 ($10.70)
Silver $19.21 $19.31 ($0.34)
Platinum $1,399.50 $1,409.50 ($19.20)
Palladium $788.60 $793.60 ($14.40)
4/20/2014 10:11:40 PM EST

Click here for Historical Charts*All Charts are in USD


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