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Morning Gold & Silver Market Report – 3/24/2014

GOLD LOWER ON STRONGER DOLLAR

Gold and Silver prices are approximately one percent lower in early-morning trading due to a stronger U.S. dollar. Natixis analyst Bernard Dahdah said, “Gold started dropping once the [U.S. Federal Reserve] came out with the rate news. We saw increasing strength in the dollar, and 10-year U.S. yields increased quite sharply. With higher yields you get a higher opportunity cost of holding Gold, and with the stronger U.S. dollar there is less of a fear of currency debasement. We could see Gold dropping below $1,300 [per ounce] in the next month if we get the necessary U.S. data, a strengthening dollar and higher yields.”

U.S. stock futures are pointing to a higher open for Wall Street. Analysts are expecting more economic stimulus in China after more negative data was released for that region. Michala Marcussen, analyst at Societe Generale, said, “Given the rapid deterioration, Beijing is unlikely to sit still, but unlikely to act aggressively either. We expect a combination of modestly easier liquidity conditions and moderately faster infrastructural investment.”

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

  • Gold, $1,318.50, Down $19.60.
  • Silver, $20.17, Down $0.18.
  • Platinum, $1,436.80, Down $1.20.
  • Palladium, $796.30, Up $7.00.

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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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