Our Daily
Market Reports

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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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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