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Closing Gold & Silver Market Report – 7/24/2014

GOLD UNDER PRESSURE AS STOCKS REACH ANOTHER RECORD

Gold came under pressure today as signs of global economic improvement temporarily quelled demand for the yellow metal.  Strong data out of China coupled with news that U.S. jobless claims plunged to their lowest level since early 2006 to suppress metals prices and boost equities markets.  Geopolitical tension has been the central motivator of higher Precious Metals prices this year.  Conflict in Ukraine and now Iraq and the Gaza strip have helped buoy the Gold price as economic factors are largely working against higher metals prices. 

The S&P 500 has realized a new record high today and Gold and Silver have fallen as a result.  However, physical purchase of Gold bars in India could boost long-term prices for the metal.  A report from the Gems and Jewelry Export Promotion Council shows a sharp rise of 28.43% on Gold bar imports for the month of June 2014.  Even with strong physical buying in India, China was able to surpass the nation in 2013 as the world’s number one importer of Gold bullion. 

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

  • Gold, $1,295.00 Down $10.70
  • Silver, $20.43 Down $0.57
  • Platinum, $1,472.60 Down $15.10
  • Palladium, $873.00 Down $2.30

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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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