Our Daily
Market Reports

Closing Gold & Silver Market Report – 7/16/2014

METALS SLOWLY RECOVERING AFTER YELLEN TESTIMONY

Precious Metals continued to show small signs of strength through afternoon trading.  As investors continue to digest recent comments by Federal Reserve Chairwoman Janet Yellen,  Gold rebounded from three-week lows. A recent report showed a 65 percent surge in imports by India, the world’s second-largest Gold purchaser, which has taken some of the pressure off the yellow metal.  Frank Lesh, a trader at FuturePath Trading LLC in Chicago, said, “Any time we see stronger imports, it’s going to be a bullish factor because India is one of the largest bullion buyers.  Prices are stabilizing now. We’re all trying to figure out when the Fed is going to raise rates.”

The U.S. dollar rose today after Yellen’s comments to the House Financial Services Committee hinted toward a more rapid end to the Fed’s bond buying program that has kept U.S. interest rates near record lows.  Macquarie global interest rates and currencies strategist Thierry Wizman said, “It seems to me that there are a few more hawkish hints than we have seen lately. I don't think we will get more hawkish hints from the Fed until September. But the trend until then, and through that period, is strongly U.S. dollar.”

At 5:08 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,300.40, Up $2.30.
  • Silver, $20.82, Down $0.07.
  • Platinum, $1,486.90, Up $0.90.
  • Palladium, $875.60, Up $6.10.

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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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