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Closing Gold & Silver Market Report – 4/29/2014

GOLD SOFTENS AS INVESTORS WEIGH FED STATEMENT, EARNINGS

The Gold price fell slightly for the second straight day as strength in U.S. equities and anticipation of another round of Federal Reserve stimulus tapering weighs on the yellow metal. “The equities continue to impact Gold prices,” Frank McGhee, head dealer at Integrated Brokerage Services LLC, said. “Also, people are waiting to hear from the Fed.”  Gold received support during April as geopolitical tensions surrounding Russia and Ukraine influenced investors to seek Gold’s safe-haven appeal. Though analysts and investors alike predict ongoing commitment to the current pace of monthly asset-purchase reduction, little downside for Gold and Silver is expected following tomorrow’s summit conclusion. The Fed’s monetary strategy has already been priced in to Precious Metals markets and a taper announcement will likely not have the significant impact on prices that it has in the past. 

U.S. equities were lifted yet again today as strong corporate earnings data continues to boost stocks.  “Earnings have been strong and for the most part, companies have been upbeat with their full-year earnings outlooks,” Steven Rees, head of U.S. equities at JPMorgan Private Bank, said. “Data on earnings and today’s data on consumer confidence means you won’t hear much change from the Fed. The next catalyst in the market will be Friday’s jobs report.”  With stocks continuing their upward momentum, the S&P 500 is just 0.7 percent below its all-time high. 

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

  • Gold, $1,297.80, Down $3.20.
  • Silver, $19.52, Down $0.14.
  • Platinum, $1,430.40, Up $10.70.
  • Palladium, $807.20, Up $5.50.

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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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