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Closing Gold & Silver Market Report – 7/7/2014

GOLD, STOCKS DOWN ON INTEREST RATE SPECULATION

Gold came under mild pressure today as the prospect of higher U.S. interest rates suppressed the Gold price for the second straight session.  The yellow metal has been on the rise for the last five weeks as geopolitical turmoil and the expectation of an extended period of low interest rates were able to boost the appeal of Gold and Silver. “Perception of an early rate hike is very damaging for Gold,” Blake Robben, a senior market strategist at Archer Financial Services, said.  However, crises remain in Iraq and the Gaza strip. Escalating violence in these regions could increase the safe-haven appeal of Gold and force the price higher in the coming weeks. 

U.S. stocks retreated from all-time highs as investors weighed valuations and gauged the impact of a sooner-than-expected hike in interest rates.  “Rates are going to go up before people expect,” Tom Stringfellow, president and chief investment officer of Frost Investment Advisors LLC, said. “And when rates do go up, I expect some sort of a knee-jerk reaction. But I don’t believe for a moment that the [U.S. Federal Reserve’s] going to raise rates at a speed that derails this stable environment.”  With interest rate speculation dominating the economic news headlines, investors will be intently focused on the next Federal Reserve policy meeting and developments regarding U.S. borrowing rates.

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

  • Gold, $1,323.00, Up $0.40.
  • Silver, $21.11, Down $0.03.
  • Platinum, $1,499.80, Down $8.90.
  • Palladium, $869.50, Up $7.60.
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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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