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Mid-Day Gold & Silver Market Report – 3/6/2014


Gold is trading slightly higher at mid-day, rebounding from morning lows as investors continue to eye the Ukrainian crisis and monthly U.S. jobs data tomorrow.  Gold has been range-bound over the last few sessions as domestic and global news has failed to influence the yellow metal from breaking out of current levels.  “Precious-metals prices are “hanging” around, with little new news to create a catalyst either way,” one expert, said.  “The Ukraine situation, although calmer, continues to create a ‘fear’ floor as a hedge against a ‘what if Putin does this’ scenario.” 

The S&P 500 has reached another all-time high as reports showed U.S. unemployment claims falling to their lowest level in three months.  “The economic recovery in the U.S. is certainly on track, although subdued,” Richard Hunter, head of equities at Hargreaves Lansdown Plc, said.  “The latest set of economic data provides an opportunity to bolster markets which are testing new highs, particularly after tensions between Russia and Ukraine seem to have become political rather than military.”  Both Gold bugs and equities investors will await tomorrow’s all-important jobless report to gain a clearer perspective on the current health of U.S. economic recovery. 

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

  • Gold, $1,352.60, Up $10.30.
  • Silver, $21.59, Up $0.29.
  • Platinum, $1,487.70, Up $9.10.
  • Palladium, $780.00, Up $7.10.

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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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