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Mid-Day Gold & Silver Market Report 3/23/2012

ANALYST SEES GOLD PRICE ADVANCING  

Gold’s price was rising following positive movement of the euro. Recent optimistic data is boosting hopes for a stronger U.S. economic future, which in turn has pushed the yellow metal down by nearly 3 percent this month. “We don't see a huge amount of downside for Gold prices from current levels, and we would be looking for the market to form a base soon and then move higher as we progress through the year,” said Daniel Smith at Standard Chartered. He predicted that Gold’s price will move in a range from $1,600 to $1,800 per ounce.

Oil prices soared based on news that Iranian oil exports dropped in March. The tension between Tehran and the West regarding its disputed nuclear program and limited exports from Iran will keep an added premium on crude oil prices. “With the current market fundamentals characterized by extremely low inventories and stretched spare capacity, oil prices are to likely to remain high,” analysts at Barclays Capital wrote.

At noon (CDT), the APMEX precious metals spot prices were:

  • Gold - $1,664.10 – Up $20.20.
  • Silver - $32.24 – Up $0.85.
  • Platinum - $1,633.30 – Up $20.20.
  • Palladium - $661.00 – Up $9.00.

APMEX’s Account Managers now have extended hours and are here to serve you until 7 p.m. (CDT) Mondays through Thursdays! If you have any questions about investing in precious metals or would simply prefer to place your order by telephone, we are here to help.

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Disclaimer:
APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. 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 Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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