Our Daily
Market Reports

Closing Gold & Silver Report - 2/24/2011

At 4 PM (CT) the precious metals prices were:

  • Gold price - $1,415.30
  • Silver price - $33.24
  • Platinum price - $1787.00
  • Palladium price - $779.50

 

COMMENTARY:  Precious metals came down off record highs today as sales were spurred by investors as a result of these highs. Matt Zeman, a metals trader at LaSalle Futures Group in Chicago, says, “Gold has had a nice, uninterrupted run the past week, so it’s not surprising to see a pause or some profit-taking.” News that oil futures settled a little lower toward today’s end, leaving behind a 28-month high after fear of the futures’ sharp and high gains has also eased some fears of inflation enough to bring precious metals down. We are not out of the woods yet as US stocks are still in the red for a third straight day, though appeased somewhat by the relief on oil futures.

Even though precious metals prices have come down a little off their record highs, this does not necessarily mean that we are in the clear. Consumers still recognize the safe haven that precious metals offer against the continued turmoil in the Middle East as well as the still high risk of inflation.

 

Gold spot price is down $11.50 – Silver price is down $1.15 – Platinum spot price is up $7.00 – Palladium is down $1.60

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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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