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Mid-Day Gold & Silver Market Report, 07/24/2012

GOLD MOVES WITH DOLLAR; SYRIAN FIGHTING CONTINUES  

While a strong American dollar continues to put pressure on Gold prices, many investors are showing confidence in Gold after it fared well during Monday’s selloff. “Gold is just moving with the U.S. dollar,” said Afshin Nabavi, MKS Finance’s head of trading. “Yesterday, below the $1,570 level, we saw some light physical related interest come in. Today, it has been very quiet.” The euro to dollar exchange rate has been a primary driver in day to day movement in Gold.

Global unrest adds to the cloud of global economic uncertainty. The Syrian conflict continues to be a source of concern as rebel troops and forces of embattled President Bashar al Assad continue to clash. American concern has risen after Damascus has admitted it has chemical and biological arms, and it is willing to use them in the event of what it calls foreign intervention. President Barack Obama said the world would hold Assad and his entourage accountable “should they make the tragic mistake of using those (chemical) weapons.”

At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,576.40, Down $2.50.
  • Silver, $26.85, Down $0.28.
  • Platinum, $1,386.80, Down $12.10.
  • Palladium, $562.90, Down $9.10.

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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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