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Market Reports

Mid-Day Gold & Silver Market Report – 2/6/2014


The Gold price is trading flat Thursday as strong gains in U.S. equities have suppressed early gains made by the yellow metal.  A drop in unemployment figures and the European Central Bank’s commitment to existing interest rates helped boost stocks today, causing a temporary pullback from session highs for Gold.  Investors now await January jobs figures, set to be released Friday morning.  “If we get a good number, then the odds are high that the [U.S. Federal Reserve] may become even more aggressive in withdrawing their stimulus package, and that could certainly impact Gold,” Naeem Aslam, chief market analyst at AvaTrade, said. “If we do see an aggressive approach by the Fed, the selloff in equities could continue again and this could be positive for Gold. At the same time, we are seeing consistent improvement in physical demand for Gold, which is also providing a support for the price.”

The Dow Jones Industrial Average is realizing its largest session of gains this year, as reassuring unemployment numbers and positive corporate earnings boosted U.S. equities.  “The economy is showing somewhat steady improvement and earnings have been good,” Richard Sichel, chief investment officer of Philadelphia Trust Co., said.  “The better economic reports are helpful, it gives a little bit of a confidence booster.”  Last week’s drop in jobless claims is the largest drop in three weeks.  Accommodative monetary policy by the Federal Reserve is largely established based on domestic employment improvement. 

At 1:52p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,258.90, Even.
  • Silver, $19.99, Up $0.13.
  • Platinum, $1,376.70, Down $4.60.
  • Palladium, $711.30, Up $3.20.
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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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