Closing Gold & Silver Market Report – 3/13/2012

GOLD DROPS BELOW $1,700 PER OUNCE; NO QE3 SIGNS FROM FED  

After today’s Federal Reserve meeting today came and went without any hints of future quantitative easing, the price of Gold declined significantly in afternoon trading, ending the day below $1,700 per ounce. Gold historically moves opposite the U.S. dollar, and with the dollar up after today’s Fed meeting, Gold experienced a corresponding drop. However, the Fed indicated during the meeting that the recent jump in energy costs is likely to increase inflation, which plays to Gold’s draw as a safe haven for investors. The Platinum price also was down in afternoon trading, while Silver and Palladium prices were up slightly at this writing.

The Federal Reserve’s Federal Open Market Committee (FOMC) meeting took place this afternoon, and again there were few indications of any Fed plans for another round of quantitative easing. According to the central bank, the U.S. economy is undergoing moderate expansion while still facing serious downside risks. Officials with the Fed said they expect rates will stay near zero for at least the next two years, citing continued high unemployment in the United States. After details from the FOMC meeting were released, precious metals prices dipped in afternoon trading, while Wall Street stocks held gains, and the dollar strengthened against the euro.

At 4:01 p.m. (CDT), the APMEX precious metals spot prices were:

  • Gold - $1,675.30 – Down $25.50.
  • Silver - $33.47 - Up $0.03.
  • Platinum - $1,688.60 - Down $8.10.
  • Palladium - $706.10 – Up $1.90.

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Disclaimer:

APMEX’s ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/24/2014 12:33:06 AM EST

Metal Bid Ask Change
Gold $1,286.70 $1,288.70 $2.10
Silver $19.42 $19.52 $0.04
Platinum $1,395.80 $1,405.80 $1.90
Palladium $782.80 $787.80 $0.80
4/24/2014 12:33:06 AM EST

Click here for Historical Charts*All Charts are in USD


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