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Closing Gold & Silver Market Report – 7/31/2013


Precious Metal prices rebounded from morning losses after the U.S. Federal Reserve announced interest rates would remain unchanged as long as the economy continues to improve at its current modest pace. “There is nothing in the latest [Federal Open Market Committee] statement released today to suggest that Fed officials have changed their minds about starting to taper the monthly asset purchases in September,” Capital Economics chief U.S. economist Paul Ashworth said. The key difference from the last meeting is that Fed chairman Ben Bernanke’s economic growth outlook went from moderate to modest. This adjustment may indicate the Fed is concerned about unexpected economic changes in the near future. 

A drop in the eurozone’s unemployment rate was positive news today from the area that has been in financial and economic crisis for some time now.  The drop was relatively small however, keeping unemployment at 12.1 percent for the fourth consecutive month.  “It's no secret that domestic demand remains very weak because spending is massively impaired by unemployment and austerity,” Deutsche Bank economist Gilles Moec said.  A Commerzbank research note from last week stated that the eurozone recession is likely over, providing the market reassurance for the future of European stocks

At 5 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,326.50, Down $0.30.
  • Silver, $19.91, Up $0.15.
  • Platinum, $1,439.80, Up $1.30.
  • Palladium, $730.60, Up $0.50.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 7 p.m. (CDT)! Or call us Fridays until 5 p.m. (CDT)! 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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