hp-free-shipping-truck Free Shipping On Orders Over $99

Our Daily
Market Reports

Mid-Day Gold & Silver Market Report – 11/7/2013

ECB RATE CUT PRESSURES U.S. STOCKS, GOLD

Gold has pared earlier losses but remains down slightly today as news that the European Central Bank (ECB) cut its key interest rate, forcing the U.S. dollar higher. “Precious Metals, like all the other markets, came to life when the ECB surprised everyone with a 25 basis-point interest-rate cut,”, GFT Markets technical analyst Fawad Razaqzada said.  Gold and other Precious Metals traditionally react unfavorably when the U.S. dollar performs well versus competing world currencies.  Investors await tomorrow’s nonfarm payroll numbers as strong third quarter GDP figures increased confidence in the dollar.  Historically, lower prices have triggered an increase in physical buying among investors looking to take advantage of price dips.

Along with Gold and Silver, benchmark equities indexes have fallen moderately following the rate cut announcement from the ECB.  “The market will be volatile,” Bryn Mawr Trust Co. chief investment officer Ernie Cecilia said. “You had some good economic news today and we’ll see what the payrolls numbers are tomorrow. The fear is that with better-than-expected economic numbers, tapering will commence sooner rather than later.”  The nonfarm payroll data has been one of the central economic factors investors have focused on as U.S. employment levels need to reach a certain level before the U.S. Federal Reserve can commit to a reduction in monetary stimulus measures.

At 1:21 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,309.60, Down $10.20.
  • Silver, $21.72, Down $0.10
  • Platinum, $1,457.40, Down $11.00.
  • Palladium, $762.80, Down $2.60.

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.

« Return to Commentaries

World Market Trading Hours

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.

 
COMEX &
NYMEX Markets
Monday-Friday
8:20 a.m.-1:30 p.m. (ET)
Monday-Friday
8:25 a.m.-1:25 p.m. (ET)
Monday-Friday
8:20 a.m.-1:05 p.m. (ET)
Monday-Friday
8:30 a.m.-1:00 p.m. (ET)
CME Globex
World Markets
Monday-Friday
6:00 p.m.-5:00 p.m. (ET)
Monday-Friday
6:00 p.m.-5:00 p.m. (ET)
Monday-Friday
6:00 p.m.-5:00 p.m. (ET)
Monday-Friday
6:00 p.m.-5:00 p.m. (ET)

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.

Items In Cart


There are no items in the cart.

AURIC