Our Daily
Market Reports

Closing Gold & Silver Market Report – 2/1/2012

DOLLAR FALLS AS EUROPE LOOKS MORE STABLE   

Precious metals prices rose slightly today as the market absorbed positive news surrounding the German economy. This news gave investors a sense of stability in European markets, as investors are hopeful that a resolution to the ongoing saga of European debt will soon come to a close. The dollar fell against the euro, pushing up metals prices despite positive news about declining unemployment in the U.S.

On the heels of the positive news out of the eurozone, China also released manufacturing data today. While economists expected a contraction of the Chinese economy, the data indicate a slight rise in Chinese manufacturing, giving a sign that China may be healthier than what market participants think. The increase in manufacturing in China and Germany may be one reason for Platinum’s large gain today, since Platinum demand comes largely from the manufacturing sector.

Philadelphia Federal Reserve Branch President Charles Plosser made sharply critical remarks about Fed President Ben Bernanke’s decision to announce plans to keep interest rates at current low levels until at least 2014. “Such statements are, in my mind, particularly problematic from a communications perspective,” Plosser said. “Monetary policy should be contingent on the economic environment and not on the calendar.”  Bernanke’s announcement was intended to stimulate the economy but had a negative effect on the value of the dollar.

At 4 p.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,744.70 – Up $5.80.
  • Silver - $33.75 – Up $0.42.
  • Platinum - $1,620.40 – Up $31.30.
  • Palladium - $699.00 – Up $11.70.

« Return to Commentaries

World Market Trading Hours

Our spot prices are subject to change during the following hours, excluding holidays:

 
Gold
Silver
Platinum
Palladium
COMEX &
NYMEX Markets
Monday-Friday
8:20AM-1:30PM
Monday-Friday
8:25AM-1:25PM
Monday-Friday
8:20AM-1:05PM
Monday-Friday
8:30AM-1:00PM
CME Globex
World Markets
Monday-Friday
6:00PM-5:15PM
Monday-Friday
6:00PM-5:15PM
Monday-Friday
6:00PM-5:15PM
Monday-Friday
6:00PM-5:15PM

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.

Back To Top

Items In Cart


There are no items in the cart.

AURIC