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Closing Gold & Silver Market Report – 7/30/2014

METALS FLAT AFTER DATA, FED ANNOUNCEMENT 

Precious Metal prices finished the day trading mostly sideways.  After the Federal Reserve hinted toward their plan to continue tapering asset purchases and maintain an easy monetary policy, stocks and Precious Metals wavered slightly. However, with jobs data being released Friday, many will keep a watchful eye. Bruce McCain, chief investment strategist at Key Private Bank, said, “The bulls look at the strength in the second quarter, and the skeptics say you're getting a lot of bounce back from first-quarter weakness. The question is how do things look in the third and fourth quarters, and the answer is we don't know. A lot hinges on the employment report on Friday.”

The U.S. dollar held small gains against other world currencies Wednesday, which is somewhat surprising considering the Federal Reserve reiterated they are in no hurry to increase interest rates. Tom Porcelli, chief U.S. economist at RBC Capital Markets in New York, said, “ We only expected marginal changes, and for the most part we got that — with the caveat that they were a bit more hawkish than was widely expected.”

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

  • Gold, $1,296.60, Down $3.40.
  • Silver, $20.66, Up $0.08.
  • Platinum, $1,482.60, Down $1.90.
  • Palladium, $881.80, Up $2.50.

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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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