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Mid-Day Gold & Silver Market Report – 7/3/2014

GOLD RECOVERS DATA-RELATED LOSSES

The Gold price has recovered past its pre-data level from earlier this morning. According to Chintan Karnani, chief market analyst at Insignia Consultants, the data “suggest that interest rate in USA will be hiked sooner than markets expected. The rise in exports and lowering of trade deficit is an indication of sustained long-term growth. U.S. companies have adapted to the needs to global exports and are now off shoring less work to other nations.” Karnani added, “However, geopolitical risk can prevent a severe crash in bullion prices.”

U.S. stocks rose, and the Dow Jones Industrial Average eclipsed 17,000 for the first time. Speaking on the labor and trade deficit data, JJ Kinahan of TD Ameritrade said, “It was a very good report … The bond market is saying, the economy is healthier than people are giving it credit for.” The 10-year Treasury rose five basis points at its highest this morning.

At 1 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,322.20, Down $10.70.
  • Silver, $21.17, Down $0.13.
  • Platinum, $1,506.50, Down $6.00.
  • Palladium, $861.60, Up $4.30.

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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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