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Mid-Day Gold & Silver Market Report – 1/24/2014

GOLD TRADING FLAT STILL SET FOR 5TH STRAIGHT WEEKLY GAIN

Precious Metals prices have taken a slight pullback this afternoon, however Gold is still poised for its fifth straight weekly gain.  Even with today’s decline, an approaching Fed meeting and speculation that India will lower its import duty, many investors still have a positive outlook on Gold.  Jeffrey Wright, managing director at H.C. Wainwright said, “The existing pullback in equities markets has led to some ‘safe-haven’ buying, the potential for an increase in gold imports to India if they lower the import duty, along with efforts in Europe to continue their own quantitative-easing policies are all supportive of gold at the present time.”

Stocks around the world are trading lower today with the U.S. futures set to take a steep loss.  Disappointing manufacturing data from China and U.S. have caused European and Asian shares to trade lower.  Naeem Aslam of AVA Trade said, “The sell-off is finally here, and it is across all the markets, not only for the U.S. markets.  There are number of reasons for this, for instance, China, the second biggest economy of the world, is becoming a major burden for the investors.”

At 2:06 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,265.20, Up $0.40.
  • Silver, $19.82, Down $0.25.
  • Platinum, $1,430.70, Down $34.50.
  • Palladium, $734.30, Down $11.60.

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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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