Closing Gold & Silver Market Report – 1/23/2014
FALLING DOLLAR, PHYSICAL DEMAND BOOST GOLD
The falling U.S. dollar continued to boost Gold’s price throughout the day, as the yellow metal rose nearly two percent. Phil Streible, a broker at R.J. O’Brien & Associates, said plainly, “The dollar is helping Gold today. Physical demand has remained steady from the East,” referring to Asian countries. The Silver price rose with Gold today, while Platinum and Palladium prices dropped, even amid a strike at the world’s biggest Platinum mines.
The Dow Jones Industrial Average closed approximately 174 points lower today as Chinese manufacturing data worried equities investors. The report showed a contraction in the manufacturing sector, falling below expectations. Some, such as PNC Financial Services Group international economist Bill Adams, believe the Chinese holiday season played a part in the report, saying, “We are reluctant to read too deeply into this number. Chinese statistics, even ones as ably adjusted for seasonal variation … tend to get a little fuzzier around the Lunar New Year holiday, which falls on Jan. 31 this year.”
At 3:41 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,265.90, Up $24.80.
- Silver, $20.05, Up $0.17.
- Platinum, $1,459.00, Down $5.40.
- Palladium, $745.10, Down $3.80.
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