Our Daily
Market Reports

Morning Gold & Silver Market Report – 1/28/2013

U.S. DOLLAR SHOWING STRENGTH; GOLD HOVERING

The dollar is regaining some ground against foreign currencies. Late Friday, the WSJ Dollar Index was up against the broad basket of six currencies and in overnight trading the ICE dollar index also showed gains. Crédit Agricole chief global forex strategist Mitul Kotecha said, “a heavy slate of U.S. data releases this week will keep markets busy, but overall we see little to dent the positive tone to risk assets over coming sessions.” Wednesday will see a Federal Reserve policy decision and Friday’s jobs report is of key interest.

The Federal Reserve meeting scheduled for this week is keeping a lid on the Gold price. Investors are being cautious as they await more news on the Fed’s QE program. MKS Finance's head of marketing, Frederic Panizzutti, said, “The market is on hold ahead of the U.S. Federal Reserve's meeting, and expects comments on further quantitative easing measures.” He continued to say Gold investors would be watching the euro/dollar movements for signs of what is going to happen. Wednesday should give us the next short-term direction for Gold.

At 9 a.m. (EST), the APMEX Precious Metals spot prices were:

  • Gold, $1,656.10, Down $2.50.
  • Silver, $31.02, Down $0.23.
  • Platinum, $1,684.00, Down $10.90.
  • Palladium, $744.10, Up $2.10.

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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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