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Closing Gold & Silver Market Report – 7/2/2014


Precious Metal prices continue to show gains through afternoon trading.  As investors prepare for the holiday weekend, tomorrow’s release of U.S. jobs data will be closely watched and could affect Gold’s direction.  When asked about Gold’s recent support, AvaTrade chief market analyst Naeem Aslam said it was “mainly on the back of the optimism that Federal Reserve Chairwoman Janet Yellen is going to stay consistent in her message and will maintain the dovish tone, which is eroding demand for the dollar.”

The U.S. dollar held its course and remained slightly above a two-month low ahead of a speech by Federal Reserve Chair Janet Yellen and the release of the U.S. jobs report, both set for Thursday.  Esther Reichelt, currency strategist at Commerzbank, said, “ At the time Yellen seemed determined to give as little support as possible to rate hike speculation.  This is unlikely to be any different today. But the market is waiting for Fed signals and therefore already small hints can be sufficient to affect the dollar.”

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

  • Gold, $1,330.50, Up $1.40.
  • Silver, $21.20, Up $0.09.
  • Platinum, $1,513.00, Down $3.00.
  • Palladium, $858.20, Up $3.60.

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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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