Mid–Day Gold & Silver Market Report – April 23, 2012
Brandi Brundidge
4/23/2012 12:19:00 PM
GOLD PRICE STEADY AHEAD OF REPORTS; GOLDEN HOLIDAY ARRIVES IN INDIA
Gold has started the week with little flair. Prices have remained close to even, awaiting this week’s economic reports. The United States Federal Reserve will hold a policy meeting later this week. The hot topic again will be the chances for further monetary easing in the future. This meeting will be an economic indicator in the United States. “We probably won’t see much move before the Fed meeting, as people are sidelined and waiting for new cues from the Fed,” said Yuichi Ikemizu, head of commodity trading with Japan Standard Bank.
The situation in Europe is growing even with deficit cuts. The overall debt in the eurozone has risen to 87.2 percent of the gross domestic product (GDP). Ireland has the highest deficit of the countries that have had bailouts. Ireland’s Finance Ministry said, “The higher figure was the result of a technical ‘reclassification’ of assets.”
It’s time for Akshaya Tritiya! Many people are not aware of this important event. It is one of the most important celebrations in the Hindu faith and in India. It is believed that buying and wearing Gold brings good luck. The yearly celebration has raised the demand for Gold for many years.
At 1:06 p.m. (EDT), the APMEX precious metals spot prices were:
- Gold - $1632.50 - Down $10.80
- Silver - $30.56 - Down $1.16
- Platinum - $1554.80 - Down $28.40
- Palladium - $672.10 - Down $5.80
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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
