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Closing Gold & Silver Market Report – 3/31/2014

GOLD SOFTENED BY STOCK RALLY

A rally in U.S. equities quelled the safe-haven demand for Gold today, pushing the yellow metal to its lowest level in six weeks.  “The rally in the equity market is keeping prices under pressure,” George Gero, a vice president and Precious Metal strategist at RBC Capital Markets, said. “The market players have been nervous ever since the [U.S. Federal Reserve] spoke about higher interest rates.”  Though Gold has rebounded nearly seven percent since the beginning of the year, the expectation for softer monetary easing measures and higher interest rates have put pressure on the metal in the last couple of weeks.  Traders and investors will continue monitoring macroeconomic data in an effort to reveal signs of Gold’s short-term trajectory. 

U.S. stocks surged today as Federal Reserve Chair Janet Yellen voiced her commitment to the current level of monetary stimulus.  “People thought the Fed was insinuating they were going to raise short-term interest rates sooner than anticipated,” Bruce Bittles, chief investment strategist at RW Baird & Co., said.  “Yellen’s comments probably lay that to rest.” With another session of higher equities prices, the S&P 500 racked up its fifth straight quarter of gains.  With ongoing Fed stimulus measures in place for the near future, signs of further improvement in the U.S. workforce will be needed to remove the ultra-loose monetary policy altogether. 

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

· Gold, $1,285.90, Down $9.90.

· Silver, $19.81, Down $0.02.

· Platinum, $1,418.30, Up $11.10.

· Palladium, $776.80, Up $3.00

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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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