Closing Gold & Silver Market Report - 2/4/2014
GOLD SLIPS MODESTLY AS STOCKS REBOUND
Gold fell slightly today although the yellow metal rebounded from early lows. A stronger dollar and a modest pick-up in equities weighed on Precious Metals. “There are some signs of stabilization today,” Frank McGhee, head dealer at Integrated Brokerage Services LLC, said referring to the Gold price. After a substantial decline in equities yesterday, a boost from emerging currencies helped lift stocks and temporarily suppress the demand for Gold and Silver.
U.S. stocks rallied today, chipping away at losses sustained following yesterday’s largest dip since last June. As strong corporate earnings figures continue to trickle in, investors hope the panic regarding emerging markets was a minor hiccup and that stocks will resume the momentum experienced during much of 2013. “Main Street is still chugging along. Earnings have been fine,” Ethan Anderson, senior portfolio manager at Rehmann Financial, said. “You put all these together and I’m just not seeing anything that’s suggesting that the train is off the track. We’re pretty much in a very healthy pullback. To me, it’s refreshing.”
At 5:38 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,256.10, Down $5.80.
- Silver, $19.55, Up $0.09.
- Platinum, $1,375.80, Down $12.80.
- Palladium, $701.00, Down $2.70.
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