Our Daily
Market Reports

Closing Gold & Silver Market Report – 3/2/2011

At 4:15 PM (CT) the APMEX precious metals spot prices were:

  • Gold - $1,436.10
  • Silver - $34.72
  • Platinum - $1,853.00
  • Palladium - $822.40

COMMENTARY:  Gold futures settled at a record high today.  Inflation fears, Middle East turmoil, and a weakening U.S. dollar continued to drive the price of precious metals up again.  Richard Ross of Auerbach Grayson says, “The bullish breakout to a fresh all-time high has put gold in an outstanding technical position to extend its advance into record territory.”  He goes on to say that the breakout opens the door to a “test of $1,461 an ounce in the short term and $1,634 an ounce by year end.”  Likewise, analysts at Goldcore Ltd. in Dublin say that gold and silver look to challenge “$1,500 an ounce and $40 an ounce in the coming weeks.”  The dollar index fell to its lowest since early November 2010.  The U.S. and European nations are planning for a no-fly zone over Libya.

Gold spot price is up $4.90 on the day.  Silver is up $0.23.  Platinum is up $6.90.  Palladium is up $6.00.

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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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