Our Daily
Market Reports

Closing Gold & Silver Report – 5/19/2014

GOLD ERASES MORNING GAINS TO END DAY FLAT

The Gold price has given back morning gains to finish near even levels Monday.  News that the newly elected government in India will ease import restrictions led speculators to believe that demand for Gold would increase in the nation (India is currently the world’s second largest Gold consumer, behind China).  “There is a lot of optimism that India will slash the tariff rate,” Tommy Capalbo, a broker at Newedge Group in New York, said in a telephone interview. “People expect India’s demand to rise in the second half of the year.”  Though news of revamped physical demand for Gold helped buoy the metal through most of today’s session, hedge funds on Wall Street cut long positions in Gold-backed exchange-traded funds, erasing most of today’s gains.  With continued signs of U.S. economic growth, Gold appears to need a boost from safe-haven buyers as tension remains high in Ukraine.

As we enter the summer months, trading volumes begin to shrink.  However, U.S. stocks rose today as small-cap shares bounced back following last week’s drop.  “We’ve seen a lot of volatility but not a lot of direction in the past few months and that’s what’s become the norm,” Joe Bell, senior equity analyst at Schaeffer’s Investment Research Inc., said.  Though it seems clear that U.S. stocks are now operating according to traditional fundamentals, investors will analyze minutes of the Fed’s latest policy meeting to gain insight into the overall strength of the U.S. economy and the future of the Fed’s monetary easing program that has been so bullish for equities and Precious Metals in the past. 

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

  • Gold, $1,295.10, Down $0.30.
  • Silver, $19.40, Up $0.03.
  • Platinum, $1,471.30, Up $5.20.
  • Palladium, $816.50, Up $0.60.

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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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