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Closing Gold & Silver Market Report – 3/12/2014


Gold prices continued to slowly rise through afternoon trading as the metals gained momentum.  A drop in U.S. equities, disappointing economic data from China and the ongoing situation in Ukraine are providing metal prices with a boost with Gold set for its highest closing price in six months and fourth consecutive session gain.  Chintan Karnani, chief market analyst at Insignia Consultants in New Delhi, said, “Better-than-expected U.S. February retail sale numbers should have resulted in Gold prices falling by at least $20 from the high of $1,375.70 [on Comex], which has not been the case.  This suggests that traders are cautious going short in Gold and/or reflects [the] dual mindset of traders.”

U.S. stocks tumbled Thursday as investors continue to take in the global landscape.  Ian Lyngen, senior Treasury strategist at CRT Capital, said, “It's a little bit of a return of flight to quality. There are headlines about Russia from [U.S. Secretary of State John] Kerry and the Ukraine president and just the general sense that things are going to get worse before they improve.”  This could be big news for the yellow metal as Gold prices tend to increase at times of higher volatility and when the stock market struggles.

At 5 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,372.40, Down $0.10.
  • Silver, $21.22, Down $0.17.
  • Platinum, $1,480.00, Up $1.70.
  • Palladium, $777.80, Up $0.60.

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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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