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Morning Gold & Silver Market Report – 7/2/2014

GOLD STEADY ON WEAK DOLLAR

The Gold price remained near a three-year high in early-morning trading thanks to a weak U.S. dollar, which is conversely near a two-month low. Macquarie analyst Matthew Turner said, “Markets in recent weeks have interpreted most of the new information on the U.S. economy as being Gold positive — in particular that there are early signs of inflationary pressures building up yet the Federal Reserve says it is unconcerned. Gold bulls dream about a scenario in which the Fed continues to keep interest rates low even as inflation is rising, and while it is not likely that is going to happen, just the slightest possibility of it has been enough to generate some interest back in Gold.”

U.S. stock futures are pointing to a higher open for Wall Street after the Automatic Data Processing jobs report showed an increase of 281,000 jobs in June. Investors will also keep a close eye on Federal Reserve Chair Janet Yellen, who is scheduled to speak at the International Monetary Fund’s (IMF) headquarters this morning. Following that, she will meet with IMF Managing Director Christine Lagarde.

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

  • Gold, $1,329.00, Up $0.40.
  • Silver, $21.10, Down $0.02.
  • Platinum, $1,515.60, Down $0.40.
  • Palladium, $855.50, Up $1.00.

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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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