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Mid-Day Gold & Silver Market Report – 7/30/2014

GOLD, STOCKS SETTLE LOWER AHEAD OF FED ANNOUNCEMENT

The Gold price is trading slightly lower today as a government report citing a better-than-expected GDP increase quelled bullion demand for the second straight session.  The news may have had a downward impact on Precious Metals, but geopolitical tension in Ukraine and the Middle East continue to act as a buoy for Gold and Silver.  “Its a tug of war between strong economic numbers and increasing violence,” Miguel Perez-Santalla, sales and marketing manager at Heraeus Metals New York LLC, said.  However, the most immediate impact to Precious Metals could come following today’s  conclusion of the Federal Reserve’s monthly policy summit.  Hawkish comments from Chairwoman Janet Yellen regarding a hike in interest rates could add pressure to Gold and Silver. 

An early boost in U.S. equities has cooled as investors await news from the Federal Reserve regarding U.S. monetary policy.  “The GDP number was great, but the general concern is that we’re ahead of ourselves and let’s be sure before we keep marching forward,” Tom Sudyka, president of Lawson Kroeker Investment Management, said.  “That cautiousness is probably keeping us from getting really bullish.”  Gold bugs and stock traders alike will be intently focused on Yellen’s comments later today. 

At 1 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,295.60, Down $4.10.
  • Silver, $20.58, Up $0.00.
  • Platinum, $1,481.70, Down $2.80.
  • Palladium, $881.60, Up $2.40.

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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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