Our Daily
Market Reports

Morning Gold & Silver Market Report – 4/30/2014

DISAPPOINTING GDP BOOSTS GOLD

The Gold price erased nearly all losses in early-morning trading after first-quarter U.S. gross domestic product (GDP) numbers were released. Gold and Silver had fallen due to high expectations for the report and ahead of this afternoon’s Federal Reserve policy announcement. Tensions in Ukraine continue to bolster the Gold price, though HSBC analysts said, “The combination of the [Federal Open Market Committee] and the economic releases occurring on the same day may cause Gold volatility to pick-up in the near-term and may put to test the recent tight $30 price range of between $1,280-$1,310 [per ounce].”

U.S. GDP showed that the economy grew by just 0.1 percent, the smallest gain in three years. Economists had expected a one percent growth, which was already set to be disappointing. One problem the U.S. economy has faced in recent months is a widening trade deficit, as exports fell by 6.2 percent more than imports.

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

  • Gold, $1,296.30, Down $2.00.
  • Silver, $19.37, Down $0.21.
  • Platinum, $1,425.80, Down $5.60.
  • Palladium, $803.00, Down $5.90.

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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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