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Closing Gold & Silver Market Report – 7/29/2014


The Gold price retreated from a one-week high today as investors eye the outcome of the Federal Reserve’s policy meeting tomorrow.  Though geopolitical turmoil in the Middle East and Ukraine continues to assist in buoying Gold and Silver, hawkish comments from Fed Chairwoman Janet Yellen regarding the future of interest rates in the U.S. could weigh on metals.  "I’m actually surprised that gold isn’t up more, given the numerous geopolitical risks," Commerzbank analyst Daniel Briesemann said.  If escalating tension overseas continues to persist, safe-haven demand for Gold and Silver could increase in the short-term. 

U.S. stocks are trading lower today as geopolitical woes took the forefront and outweighed the impact of Fed policy speculation.  “Geopolitical risk remains a risk,” Dan Veru, chief investment officer at Palisade Capital Management, said.  “What ultimately makes stocks go higher is earning and earnings are supporting higher valuations in the market.”  As the European Union and U.S. impose sanctions on Russian banks and financing, investors will await further news as to whether the situation could become increasingly unstable. 

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

  • Gold, $1,300.30, Down $5.10.
  • Silver, $20.62, Up $0.06.
  • Platinum, $1,483.30, Down $7.30.
  • Palladium, $880.60, Down $1.10.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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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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