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Morning Gold & Silver Market Report – 1/27/2014

FED TAPER SPECULATION PULLS GOLD FROM TEN WEEK HIGH

The Gold price has eased this morning following overnight trading that saw Gold hit its highest level in ten weeks. Poorly performing global stocks were the central factor feeding the demand for Gold last Friday and early this morning. However, speculation looms that the Federal Reserve is prepared to announce another reduction in quantitative easing (QE) measures which pressuring the yellow metal today. "It seems a breakout to the 1300-1330 mark is on hold for now, but it depends on what happens with the Fed this week," Mitsubishi analyst Jonathan Butler, said. "The consensus is that there'll be a further round of $10 billion-a-month tapering. If there's anything less than that, Gold could move higher as speculators move in." The Fed’s two-day policy meeting is set to begin on Tuesday.

Following Friday’s session that saw a massive round of selling, U.S. equities look poised to move higher today. Corporate earnings and home sales data are central market motivators today. However, investors will be eagerly anticipating the post-Fed meeting press conference on Wednesday to hear whether or not QE will be tapered further, as is expected by many analysts. Some experts believe Friday’s tumble in U.S. stocks marks the beginning of a market correction that many have been expecting.

At 9:29 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,263.70, Down $3.10.
  • Silver, $19.86, Up $0.05.
  • Platinum, $1,422.50, Down $8.10.
  • Palladium, $729.20, Down $5.60.

For more APMEX reviews of daily and weekly Precious Metals market activities, visit our News and Commentaries page.

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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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