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Mid-Day Gold & Silver Market Report – 7/9/2014

GOLD GAINS ON DOVISH INTEREST RATE EXPECTATIONS

After three sessions of losses, the Gold price is trading higher as investors await the release of the latest Federal Reserve policy minutes.  The broad assumption is that Fed Chairwoman Janet Yellen will not “budge from her dovish posture, which is keeping the Gold above the $1,300 mark,” Naeem Aslam, chief market analyst at AvaTrade, said.  Some analysts are even viewing the more hawkish outlooks for interest rate hikes as positive for Gold.  An inflationary environment has historically caused Gold and other Precious Metals to perform well as a hedge.  

With today’s gains, Gold’s 2014 rally is defying negative forecasts by many large financial institutions.  Geopolitical tension and the expectation for low interest rates into the foreseeable future have lent momentum to the yellow metal since the beginning of the year.  “People are seeing the need for Gold again,” Jeff Sica, at Sica Wealth Management, said. “Geopolitical unrest across the globe is imploding, and people are realizing that they need to start hedging against future inflation.”

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

  • Gold, $1,324.20, Up $6.70.
  • Silver, $21.07, Up $0.06.
  • Platinum, $1,506.80, Up $9.30.
  • Palladium, $873.50, Down $0.40.

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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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