Morning Gold & Silver Market Report – 1/25/2011
At 8AM (CT) the APMEX precious metal spot prices were:
- Gold - $1,330.10
- Silver – $26.92
- Platinum - $1,787.40
- Palladium – $785.10
COMMENTARY: Precious metals prices are dipping in early morning trading. Commerzbank analyst Daniel Briesemann explained that investors aren’t feeling as much of a need for safety as they were just a few short weeks ago, when things like the European debt crisis was still fresh news. In domestic news, President Obama’s State of the Union address is being given tonight. The main focus of this speech is expected to be on the economic recovery and job creation. Ben Westmore of National Australia Bank Ltd. said that the reason for the dip in prices “look[s] like it’s a result of stronger economic data.” He also noted four reasons that support gold prices on a longer horizon: Central-bank buying, inflation concerns, jewelry demand, and possible renewed weakness in the dollar.
Gold spot price is down $16.40. Silver spot price is down 46 cents. Platinum spot price is down $31.20. Palladium spot price is down $32.40.