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Morning Gold & Silver Market Report – 4/1/2014

PRECIOUS METALS OPEN HIGHER AHEAD OF DATA

Precious Metal prices are slowly moving up through early morning trading, rebounding from yesterday’s losses.  As the situation in the Ukraine begins to lose its hold on major news headlines, investors await direction from U.S. economic data and a statement from the European Central Bank later this week.  Andrey Kryuchenkov, strategist at VTB Capital in London, said in a note, “Now that geopolitical risks over Ukraine are fading, market participants will be looking forward to the U.S. jobs report at the end of this week as well as the [European Central Bank’s] rate statement on Thursday.  The market is becoming increasingly sensitive to the U.S. macro numbers amid a lack of significant physical buyers emerging in Asia at the moment.”

Data released Tuesday on China’s manufacturing sector sent mixed signals to investors.  While the data showed signs of an economic slowdown by the world’s second largest economy, some believe there is a silver lining.  Jian Chang, chief China economist at Barclays, said, “Today's [official purchasing managers’ index] data would come as a relief for policymakers, as it suggests that the economy is not slowing as quickly as the PMIs indicated earlier.” 

At 9:44 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,286.90, Up $1.60.
  • Silver, $19.86, Up $0.07.
  • Platinum, $1,429.60, Up $8.80.
  • Palladium, $778.80, Up $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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