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Morning Gold & Silver Market Report – 3/27/2014

TECHNICAL SELLING BRINGS GOLD BELOW $1,300

Precious Metals prices are lower in early morning trading, and the Gold price has given up the $1,300 per ounce mark for the first time in six weeks. VTB Capital analyst Andrey Kryuchenkov explained that technical selling is a large part of why Gold has fallen this morning, saying, “Stops (were) triggered below $1,300 [per ounce]. There’s been some continuous speculative profit-taking as bullion remains under pressure from easing geopolitical tension and long liquidation after the early 2014 uptrend broke.”

All eyes are on economic data for clues on Gold’s next move. Lately, each set of positive data has knocked Gold’s price down slightly; however, today’s releases seemed to have little impact. The weekly jobless claims report showed a drop of 10,000 to the lowest level in four months. The third and final revision to fourth-quarter gross domestic product showed upward movement as well, from 2.4 percent to 2.6 percent.

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

  • Gold, $1,300.00, Down $5.40.
  • Silver, $19.72, Down $0.11.
  • Platinum, $1,405.80, Down $2.70.
  • Palladium, $764.50, Down $16.60.

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Disclaimer:
APMEX 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. 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 Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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