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Morning Gold & Silver Market Report – 4/28/2014

GOLD HOLDS $1,300 ON UKRAINE NEWS

The Gold price has held the key $1,300 per ounce mark thanks to worries over tensions between Russia and Ukraine. VTB Capital analyst Andrey Kryuchenkov said, “The market is nearly flat, consolidating after Friday's gains, trading mostly on Ukraine headlines. The rebound at the end of last week was driven mostly by safe-haven buyers and some investor buying on new April lows. For now, all eyes will be on Ukraine and potentially extended sanction against Russia.” Also, Platinum continues to outperform expectations as a strike in South African mines has entered its third month.

U.S. stock futures are pointing toward a strong open for Wall Street this morning. The gains would come on the heels of a major selloff Friday, spurred on by the aforementioned Russia-Ukraine tensions. Adam Sarhan, chief executive of Sarhan Capital, said, “For now, the fear part of the equation which sent stocks lower on Friday has eased a bit. War still hasn’t erupted between Russia and the West. Thankfully, we made it past the weekend without a major incident.”

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

  • Gold, $1,305.70, Up $2.90.
  • Silver, $19.78, Up $0.03.
  • Platinum, $1,429.70, Up $5.40.
  • Palladium, $812.50, Up $0.30.

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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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