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Mid-Day Gold & Silver Market Report – 10/24/2013


Gold is trading higher today as weakness in the U.S. dollar helped lift Precious Metals prices. “A still weak U.S. dollar – the U.S. currency has weakened against the euro to exceed the $1.38 mark for the first time in almost two years – is one major reason why the Gold price has been able to gain to around $1,340 per troy ounce this morning,” analysts at Commerzbank AG said. The perpetuation of quantitative easing measures by the U.S. Federal Reserve is also helping boost the Gold price as the recent government shutdown and disappointing employment numbers lend credence to Fed officials wanting to delay a possible stimulus taper. “The stimulus story is lending support to Gold,” Frank Lesh, a trader at FuturePath Trading, said. “Worries about the health of the U.S. economy are pushing some to Gold.”

U.S. stocks wavered on Thursday following the first drop in the S&P 500 in six sessions on Wednesday. Investors and traders are still assessing incoming corporate earnings reports and manufacturing growth to determine the status of the U.S. economy. “We want to look at the quality of these earnings as far as looking at revenues and making sure there is actual growth and not just manufactured growth,” David James, director of research at James Investment Research Inc., said.

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

  • Gold, $1,352.40, Up $16.40.
  • Silver, $22.87, Up $0.21.
  • Platinum, $1,456.60, Up $15.90.
  • Palladium, $748.70, Up $1.60.

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