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Morning Gold & Silver Market Report – 3/28/2014

GOLD REMAINS BELOW $1,300 ON DECLINING TENSIONS

Gold and Silver prices remain below the $1,300 per ounce and $20.00 per ounce levels respectively this morning. VTB Capital analyst Andrey Kryuchenkov said, “Considering that geopolitical tensions have somewhat abated and risk sentiment has improved after good U.S. data, you will barely see any safe-haven buying at this point and there is nothing to hold Gold up. … If we don't close below $1,290 today, we could see some consolidation around these levels ahead of the ECB on Thursday and the U.S. nonfarm payrolls on Friday.”

Near-zero interest rates are typically bullish for Precious Metals prices, and one Federal Reserve official believes we could see a rate hike in late 2015. Chicago Fed President Charles Evans said, “While low interest rates could lead to financial exuberance in principle, monetary policy is not the best tool to mitigate this risk.” New Fed Chairwoman Janet Yellen is said to be dovish towards monetary policy, but she has also said that rates should start climbing soon.

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

  • Gold, $1,293.30, Down $3.40.
  • Silver, $19.85, Up $0.10.
  • Platinum, $1,403.60, Up $4.40.
  • Palladium, $767.50, 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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