Mid-Day Gold & Silver Market Report – 10/24/2013


Gold is trading higher today as weakness in the U.S. dollar helped lift Precious Metals prices. “A still weak U.S. dollar – the U.S. currency has weakened against the euro to exceed the $1.38 mark for the first time in almost two years – is one major reason why the Gold price has been able to gain to around $1,340 per troy ounce this morning,” analysts at Commerzbank AG said. The perpetuation of quantitative easing measures by the U.S. Federal Reserve is also helping boost the Gold price as the recent government shutdown and disappointing employment numbers lend credence to Fed officials wanting to delay a possible stimulus taper. “The stimulus story is lending support to Gold,” Frank Lesh, a trader at FuturePath Trading, said. “Worries about the health of the U.S. economy are pushing some to Gold.”

U.S. stocks wavered on Thursday following the first drop in the S&P 500 in six sessions on Wednesday. Investors and traders are still assessing incoming corporate earnings reports and manufacturing growth to determine the status of the U.S. economy. “We want to look at the quality of these earnings as far as looking at revenues and making sure there is actual growth and not just manufactured growth,” David James, director of research at James Investment Research Inc., said.

At 1 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,352.40, Up $16.40.
  • Silver, $22.87, Up $0.21.
  • Platinum, $1,456.60, Up $15.90.
  • Palladium, $748.70, Up $1.60.

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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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