Closing Gold & Silver Market Report – 12/4/2013

GOLD TRENDS UP WITH WEAKER U.S. DOLLAR

Today, Gold made its biggest move in seven weeks as the dollar weakened and technical buying increased.  “We saw gold take off as the dollar began its slide,” FuturePath trader Frank Lesh said. “Also, the strength in commodities continues to support gold and with some support coming in from technical buying.” Since November 20, when the Federal Reserve’s October meeting minutes were released speculation has grown tremendously that the Fed could begin tapering soon.  This factor has had a negative impact on Precious Metals, which is one of the main reasons for price fluctuation among Gold and Silver most recently.

Positive U.S. economic data has been the fuel behind the Fed’s decision to taper its monthly bond buying program with recent manufacturing, technology and housing reports reflecting moderate numbers.  “The data are consistent with an ongoing trend of moderate to sluggish growth,” Nuveen Asset Management chief economist Keith Hembre said. “I don’t expect much difference in the narrative, maybe this will be a little better and that will be a little softer, but the broad picture is one of this slow growth environment.”

At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,245.00, Up $21.70.
  • Silver, $19.73, Up $0.61.
  • Platinum, $1,370.60, Up $12.80.
  • Palladium, $728.00, Up $13.20.

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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
4/23/2014 9:43:57 PM EST

Metal Bid Ask Change
Gold $1,285.60 $1,287.60 $1.00
Silver $19.38 $19.48 ($0.01)
Platinum $1,395.00 $1,405.00 $1.10
Palladium $783.40 $788.40 $1.40
4/23/2014 9:43:57 PM EST

Click here for Historical Charts*All Charts are in USD


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