Closing Gold & Silver Market Report – 7/23/2013

GOLD UP AGAIN; DOW CLOSES AT RECORD

The lagging U.S. dollar helped lift the Gold price today reaching a one-month high. The day started a bit listless for the Precious Metal, but it was able to stage a late day comeback on low trading volume as traders sought to cover short positions. David Meger, director of metals trading at futures brokerage Vision Financial Markets, said, “There are some options-related buying as traders cover short positions in the options market, which adds to buying in the underlying futures.” Technical buying could also help Gold. Holding above the 50 day moving average of $1,331 an ounce may have provided some support for the yellow metal. Year to date, Gold is still down after gaining for the past 12 years.

The U.S. stock market finished with mixed results today, but the Dow was the clear winner, posting a new high. Art Hogan, managing director at Lazard Capital Markets, said, “This week, we're entirely focused on a market that is luckily treating earnings on a case-by-case basis. You've got a general market trend where investors are comfortable with stocks for now—for now, we've a better understanding of Fed tapering means.” As earning season continues the market is closely watching returns. Today’s returns from companies like United Technologies and Boeing helped keep the Dow in the black.

At 5:00 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,347.80, Up $8.80.
  • Silver, $20.54, Down $0.06.
  • Platinum, $1,449.00, Up $1.00.
  • Palladium, $740.50, Down $10.90.

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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 8:53:11 AM EST

Metal Bid Ask Change
Gold $1,273.80 $1,275.80 ($10.80)
Silver $19.11 $19.21 ($0.28)
Platinum $1,382.00 $1,392.00 ($11.90)
Palladium $779.20 $784.20 ($2.80)
4/24/2014 8:53:11 AM EST

Click here for Historical Charts*All Charts are in USD


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