Morning Gold & Silver Market Report – 1/24/2014
METALS GAIN; ALL EYES ON NEXT FED MEETING
Gold and Silver prices gained in early morning trading. Economists questioned whether yesterday’s Gold price gain was sustainable due to strong outflows from exchange-traded funds, but the price turned positive overnight. Commerzbank analyst Daniel Briesemann said, “Yesterday Gold's move was down to the very weak U.S. dollar, falling U.S. bond yields and declining equities, while in addition, we had some calls from India to ease import restrictions.”
Stocks are still reeling from disappointing earnings results and yesterday’s report that China’s manufacturing sector signaled a contraction. Naeem Aslam, chief market analyst at AvaTrade, wrote that these are not the only things “rattling traders’ nerves. The Federal Reserve meeting, during which the handcuffs around quantitative easing could be tightened further, is also a concern. We are in a scenario where good news is bad news. The economic data released yesterday in the U.S. also confirmed that the strong growth story is intact, and this has raised the odds for possible action by the Fed during their next meeting.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,269.90, Up $5.10.
- Silver, $20.23, Up $0.17.
- Platinum, $1,446.00, Down $19.20.
- Palladium, $743.50, Down $2.40.
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