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Morning Gold & Silver Market Report – 3/13/2014

GOLD HITS NEW HIGH BEFORE DATA

The Gold price has fallen since hitting a six-month high early Thursday morning. The weekly jobless claims report showed the fewest number of claims since November, driving the Gold price lower and U.S. stock futures higher. Upbeat economic data continued as U.S. retail sales rose for the first time in three months. These two reports will add fuel to the fire of scrutinizing economic data for clues on the Federal Reserve’s quantitative easing program.

Peter Fertig, consultant at Quantitative Commodity Research, said, “It is currently the political developments in Ukraine, which are having a negative impact on the stock markets, that are supporting Gold. The weaker data seen in China, and the news that two corporate bonds were in default, has also spooked investors. Furthermore, you have a stronger euro against the U.S. dollar. That gave Gold the necessary push to overcome resistance yesterday, and that of course triggered further technical buying.”

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,368.10, Down $4.40.
  • Silver, $21.17, Down $0.22.
  • Platinum, $1,476.30, Down $2.00.
  • Palladium, $773.00, Down $4.20.

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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.

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