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Mid-Day Gold & Silver Market Report – 3/18/2014

PUTIN COMMENTS, FOMC MEETING WEIGH ON GOLD

After reaching a six-month high yesterday on concerns regarding the crisis in Ukraine, Gold has fallen on comments from Russian President Vladimir Putin that comforted the international community’s anxiety about further land acquisition in Ukraine and escalating tension in the region.  As those fears have been temporarily quelled, Gold is giving back some of its gains.  Overall, the yellow metal has rallied 13 percent this year even as the Federal Reserve continues to reduce the scale of its ultra-loose monetary policy.  The monthly Federal Open Market Committee (FOMC) meeting commenced today and expectations that the Fed will continue to taper its quantitative easing program only added to the downward pressure already weighing on Precious Metals prices.  

U.S. stocks are trading higher for a second straight session as Putin’s pleasing message concerning Ukraine coupled with strong housing data to push the S&P 500 to its largest two-day gain in five weeks.  “We’ve got a more congenial Russian message this morning and we got better economic reports here in the States,” John Augustine, chief market strategist at Fifth Third Bancorp, said.  “The building permits report was very bullish for the spring and summer housing season. Today, we move back to better economic reports and focusing on the Fed.”  The FOMC will conclude tomorrow afternoon.  Most analysts and economists expect Fed Chairman Janet Yellen to announce her commitment to the current pace asset purchase reduction. 

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

  • Gold, $1,357.70, Down $17.20.
  • Silver, $20.87, Down $0.44.
  • Platinum, $1,462.40, Down $8.00.
  • Palladium, $768.90, Down $7.50.

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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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