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Closing Gold & Silver Market Report


Precious metals prices were on the rise this afternoon following the dollar’s decline and a rise in oil prices. The dollar’s decline came on the heels of the euro’s rise, which was due to the addition of funds to the eurozone’s financial firewalls. In a note to analysts, HSBC officials wrote, “In the near term, Gold prices may be influenced by the effectiveness of the eurozone’s plan to bolster their bailout fund. … If the investors deem the plan as sufficient in reducing near-term eurozone liquidity issues, we believe risk assets including Gold may benefit.”

Eurozone finance ministers came to the agreement earlier today to increase the firewall to 700 billion euros to ward off any potential debt concerns. Basically, the original proposal called for 200 billion euros, which is now supported with an additional 500 billion. This brings the total to 700 billion in financial backing. This decision looks to have the backing of the International Monetary Fund at this time, and is viewed as a boost to further outside funding from sources such as the Group of 20 and BRICS nations. Former IMF official Eswar Prasad said, “Today’s decision is an important step towards strengthening the fortifications around the eurozone. … This step may not be adequate to convince markets that the fortifications are impregnable. But it is likely to elicit a positive response from the international community in terms of supporting an increase in IMF resources as a secondary backstop.”

After determining that world oil supplies are adequate to offset concerns, President Barack Obama has cleared the way for the U.S. to proceed with U.S. banking sanctions against nations importing oil from Iran. The U.S. already has granted some exemptions to countries that have greatly reduced their Iranian oil imports. However, if other countries do not comply, they may be subject to being cut off from the U.S. banking system, which could be crippling to a number of nations. However, the sanctions are not likely to have a great effect on gasoline prices, energy analyst Guy Caruso said, as the sanctions have “already been priced into the market.”

At 4:15 p.m. (CDT), the APMEX precious metals spot prices were:

  • Gold - $1,670.20 – Up $15.80.
  • Silver - $32.30 – Up $0.26.
  • Platinum - $1,642.70 – Up $15.40.
  • Palladium - $655.00 – Up $9.50.

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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Our spot prices are subject to change during the following hours, excluding holidays. View current spot prices for Gold, Silver, Platinum and Palladium on our Spot Price Charts page.

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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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