Morning Gold & Silver Market Report – 1/20/2014
GOLD REMAINS AT SIX-WEEK HIGH
Lower equities and a weaker dollar are buoying Precious Metals to start the week. Though gains are modest, Gold futures are trading at their highest level in almost six weeks. "Gold is grinding its way higher,” Saxo Bank senior manager Ole Hansen said. "I think the worst of the outflows is behind us," Danny Laidler, head of ETF Securities' Australia and New Zealand business, said. "A lot of our clients are still holding onto gold as a risk-event hedge." Gold bugs will continue to eye metals prices as Chinese demand ahead of the Lunar New Year, coupled with other economic factors, could continue to boost the yellow metal.
The U.S. stock market will be closed today in observance of Martin Luther King, Jr. Day. However, investors will focus on Tuesday as earnings season continues and several Dow Industrial companies are slated to announce fourth quarter results. Strong earnings reports will be needed to boost stocks as poor industrial output and weak employment data have weighed on equities to start 2014.
At 9:31 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,257.80, Up $3.40.
- Silver, $20.41, Up $0.06.
- Platinum, $1,471.90, Up $15.80.
- Palladium, $747.00, Up $0.50.
For more APMEX reviews of daily and weekly Precious Metals market activities, visit our News and Commentaries page.
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