Closing Gold & Silver Market Report – 1/30/2014
METALS CONTINUE TO FEEL PRESSURE AS EQUITIES GAIN
Precious Metal prices declined through afternoon trading. A stronger U.S. dollar and rebounding equity markets continue to pressure metals. “There's a lot of concern over what's happening overseas but in the domestic (U.S.) market GDP was pretty strong. If you see growth in the economy pointing to higher earnings growth, that will give markets more confidence in the United States,” Cam Albright, director of asset allocation at Wilmington Trust Investment Advisors, said.
U.S. consumer confidence fell last week to its lowest level in two months. With higher gasoline prices and volatility in equities markets, many consumers are losing confidence. “We’re seeing the public respond to volatility in equity markets and slightly higher gasoline prices. Given the ongoing sluggish wage environment, it’s not a shock that consumer confidence has cooled,” Joe Brusuelas, senior economist for Bloomberg LP, said.
At 6:12 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,246.30, Up $1.80.
- Silver, $19.22, Up$0.04.
- Platinum, $1,384.30, Up $0.00.
- Palladium, $707.80, Down $0.10.
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