Morning Gold & Silver Market Report – 9/20/13


Precious Metals prices are giving up some of the gains posted after the U.S. Federal Reserve did not announce a plan to taper its quantitative easing (QE) program Wednesday. It appears as though profit-taking is occurring, though Gold is still on course to its best week since mid-August. In India, the world’s largest consumer of Gold, new import rules are causing confusion yet again. VTB Capital’s note read: “Jewellers are still looking into new import regulations [linking refined metals imports to end product exports], and also digesting three import duty hikes this year. It remains to be seen how Indian demand will fare in the next few weeks, as buyers return for seasonal restocking.”

U.S. stock futures are flat in pre-market trading after comments from St. Louis Federal Reserve President James Bullard said that QE tapering is possible next month. Some analysts are expecting a correction in stocks after a recent high. Naeem Aslam of AvaTrade said, “Traders are anxious every time they hear the news that a new record high is recorded, and this is certainly an opportunity to put a lid on profits. Historically speaking, when we had a high in May, this was followed by an 8 percent selloff in the Dow [Jones Industrial Average]. Similarly, after recording another record high in July, we had a selloff of nearly 5 percent in the Dow.”

At 9:24 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,355.40, Down $15.90.
  • Silver, $22.70, Down $0.62.
  • Platinum, $1,449.60, Down $24.40.
  • Palladium, $725.80, Down $11.40.

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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
4/17/2014 5:15:48 PM EST

Metal Bid Ask Change
Gold $1,294.60 $1,296.60 ($8.90)
Silver $19.60 $19.70 $0.02
Platinum $1,405.70 $1,415.70 ($22.10)
Palladium $792.10 $797.10 ($6.20)
4/17/2014 5:15:48 PM EST

Click here for Historical Charts*All Charts are in USD

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