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

GOLD FALLS ON STRONGER DOLLAR; ECONOMISTS BELIEVE IMPROVEMENT COMING

Gold ended the day down nearly two percent as investor concerns grow over rising U.S. interest rates.  The market turned somewhat bearish last week after Federal Reserve Chairwoman Janet Yellen stated the Fed’s plan to end its monthly bond buying program and possibly raise interest rates shortly after the current fiscal policy ends.  "Momentum investors are capitalizing on the concern over a stronger dollar and rising interest rates by the end of the year," Sica Wealth chief investment officer Jeffrey Sica said. At this time, investors are still processing the Fed’s announcements and deciding on their best option to profit from the news. 

Economists remain optimistic for U.S. economic growth this year. Although the first quarter reflected a weak growth rate of 1.9 percent, it has been forecast that it could exceed three percent by year’s end.  All updated forecasts have surpassed previous predictions, such as U.S. economic growth reaching 2.8 percent and consumer spending to increase to 2.6 percent.  "Conditions in a variety of areas — including labor, consumer and housing markets — are expected to improve over the next two years, while inflation remains tame," National Association of Business Economics President Jack Kleinhenz said in a statement.

At 5:15p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,311.00, Down $27.00.
  • Silver, $19.98, Down $0.37.
  • Platinum, $1,433.20, Down $4.80.
  • Palladium, $795.50, Up $6.20.

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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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