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Mid-Day Gold & Silver Market Report – 1/7/2014

SINKING TRADE DEFICIT BOOSTS DOLLAR, PRESSURES METALS

The Gold price has fallen today as a stronger dollar pressured the metal ahead of Wednesday’s release of December’s Fed meeting.  “The main drop in Gold occurred in the hour after U.S. trade numbers came out and [the U.S. dollar] rallied, so it looks like today’s weakness in gold is mainly related to the strengthening USD,” Colin Cieszynski, senior market analyst at CMC Markets, said.  Figures from the month of November show the U.S. trade deficit shrinking by 13 percent compared to the prior month.  With a stronger dollar weighing on Gold, investors look ahead to the Fed’s policy minutes along with Friday’s non-farm payroll figures for further insight that will assist them in structuring their portfolios for 2014. 

U.S. stocks rally today as investor expectations regarding corporate earnings and employment numbers helped boost the Dow Jones Industrial Average to triple digit gains.  "Today's action is encouraging following three down days, especially if you're a believer in the old saying, “As January goes, so goes the year'. Investors are a lot like dieters, they look at January as a new beginning," Sam Stovall, chief equity strategist at S&P Capital IQ, said.  With the dollar strengthening and stocks surging, Gold looks for a solid footing from which to spring into bullish territory. 

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

  • Gold, $1,232.70, Down $7.90.
  • Silver, $19.84, Down $0.32.
  • Platinum, $1,417.00, Down $1.40.
  • Palladium, $743.80, Up $5.30.
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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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