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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