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Mid-Day Gold & Silver Market Report – 3/24/2014

GOLD DIPS AS PROPSECTS FOR THE U.S. DOLLAR STRENGTHEN

The Gold price has fallen to its lowest level in one month as expectations for higher interest rates and the forthcoming end to quantitative easing are boosting prospects for the U.S. dollar.  Gold experienced a significant rally earlier this month as geopolitical tensions in Ukraine enhanced the safe-haven demand for Gold.  However, “While concerns about Crimea remain, there has been no escalation in violence for people to jump back into the safe-haven asset,” David Meger, director of metal trading at Vision Financial Markets, said.  With the Federal Reserve continuing to tighten the scale of monetary stimulus ahead of a higher interest rate economy, investors will see what catalysts will be available to push the yellow metal higher. 

U.S. stocks are down for a second straight session as sluggish American manufacturing figures and the potential for a recession in Russia weighs on domestic equities indexes.  “It’s expected choppiness, but it’s unnerving nonetheless, especially when the areas of strength are all of a sudden in question,” Chris Bouffard, chief investment officer with The Mutual Fund Store, said. “The high flyers are really being reeled in.”  As the S&P 500 continues to run into resistance at current levels, investors hope for new motivators to drive stocks in the near-future. 

At 1:33 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,313.30, Down $24.70.
  • Silver, $20.10, Down $0.25.
  • Platinum, $1,431.80, Down $6.20.
  • Palladium, $792.10, Up $2.80.

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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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