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Morning Gold & Silver Market Report – 1/28/2013


The dollar is regaining some ground against foreign currencies. Late Friday, the WSJ Dollar Index was up against the broad basket of six currencies and in overnight trading the ICE dollar index also showed gains. Crédit Agricole chief global forex strategist Mitul Kotecha said, “a heavy slate of U.S. data releases this week will keep markets busy, but overall we see little to dent the positive tone to risk assets over coming sessions.” Wednesday will see a Federal Reserve policy decision and Friday’s jobs report is of key interest.

The Federal Reserve meeting scheduled for this week is keeping a lid on the Gold price. Investors are being cautious as they await more news on the Fed’s QE program. MKS Finance's head of marketing, Frederic Panizzutti, said, “The market is on hold ahead of the U.S. Federal Reserve's meeting, and expects comments on further quantitative easing measures.” He continued to say Gold investors would be watching the euro/dollar movements for signs of what is going to happen. Wednesday should give us the next short-term direction for Gold.

At 9 a.m. (EST), the APMEX Precious Metals spot prices were:

  • Gold, $1,656.10, Down $2.50.
  • Silver, $31.02, Down $0.23.
  • Platinum, $1,684.00, Down $10.90.
  • Palladium, $744.10, Up $2.10.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EST)! Or call us Fridays until 6 p.m. (EST)! 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.

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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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