Mid-Day Gold & Silver Market Report – 1/24/2014
GOLD TRADING FLAT STILL SET FOR 5TH STRAIGHT WEEKLY GAIN
Precious Metals prices have taken a slight pullback this afternoon, however Gold is still poised for its fifth straight weekly gain. Even with today’s decline, an approaching Fed meeting and speculation that India will lower its import duty, many investors still have a positive outlook on Gold. Jeffrey Wright, managing director at H.C. Wainwright said, “The existing pullback in equities markets has led to some ‘safe-haven’ buying, the potential for an increase in gold imports to India if they lower the import duty, along with efforts in Europe to continue their own quantitative-easing policies are all supportive of gold at the present time.”
Stocks around the world are trading lower today with the U.S. futures set to take a steep loss. Disappointing manufacturing data from China and U.S. have caused European and Asian shares to trade lower. Naeem Aslam of AVA Trade said, “The sell-off is finally here, and it is across all the markets, not only for the U.S. markets. There are number of reasons for this, for instance, China, the second biggest economy of the world, is becoming a major burden for the investors.”
At 2:06 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,265.20, Up $0.40.
- Silver, $19.82, Down $0.25.
- Platinum, $1,430.70, Down $34.50.
- Palladium, $734.30, Down $11.60.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.