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Morning Gold & Silver Market Report – 3/20/2014

GOLD HITS THREE WEEK LOW AFTER FED COMMENTS

The Gold price hit a three-week low Thursday after Federal Reserve Chairwoman Janet Yellen made hawkish comments on monetary policy. These comments, plus an apparent easing of tensions in Ukraine, are negative for Gold, according to Saxo Bank’s head of commodities research Ole Hansen. Hansen said, “The market is now busy pricing in higher rates sooner than previously expected, and that could become poisonous for Gold. The risk related to Ukraine has not gone away, but moved to the sidelines for the time being.”

A rise in jobless claims wasn’t quite enough to bring relief to the Gold price, as it was less than expected. However, Yellen’s comments yesterday suggested that job growth is improving. A large portion of blame on recent months’ disappointing data has been placed on the poor weather. Yellen pointed to the fact that nonfarm payrolls accelerated in February, and pointed to it as a good sign for hiring.

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

  • Gold, $1,327.70, Down $15.50.
  • Silver, $20.35, Down $0.51.
  • Platinum, $1,441.00, Down $12.70.
  • Palladium, $749.50, Down $18.70.
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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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