Mid-Day Gold & Silver Market Report 3/23/2012
ANALYST SEES GOLD PRICE ADVANCING
Gold’s price was rising following positive movement of the euro. Recent optimistic data is boosting hopes for a stronger U.S. economic future, which in turn has pushed the yellow metal down by nearly 3 percent this month. “We don't see a huge amount of downside for Gold prices from current levels, and we would be looking for the market to form a base soon and then move higher as we progress through the year,” said Daniel Smith at Standard Chartered. He predicted that Gold’s price will move in a range from $1,600 to $1,800 per ounce.
Oil prices soared based on news that Iranian oil exports dropped in March. The tension between Tehran and the West regarding its disputed nuclear program and limited exports from Iran will keep an added premium on crude oil prices. “With the current market fundamentals characterized by extremely low inventories and stretched spare capacity, oil prices are to likely to remain high,” analysts at Barclays Capital wrote.
At noon (CDT), the APMEX precious metals spot prices were:
- Gold - $1,664.10 – Up $20.20.
- Silver - $32.24 – Up $0.85.
- Platinum - $1,633.30 – Up $20.20.
- Palladium - $661.00 – Up $9.00.
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