Closing Gold & Silver Market Report – 04/26/2012
Brandi Brundidge
4/26/2012 4:23:00 PM
GOLD FINISHES STRONGER, ALONG WITH OIL FUTURES
Gold closed the day strongly in the positive, following the broader markets, thanks to positive corporate results and a strong housing report. First-time unemployment claims appeared unchanged this week. However, the longer-term gauge peaked, putting pressure on the dollar. “The message out of the Fed didn’t really change much. We had a little sell-off immediately after the statement came out, but it quickly recovered,” Credit Suisse analyst Tom Kendall said. “I think it would have taken a much greater change in stance coming out of the Fed for Gold to really make a big break one way or the other. And given the disappointing U.S. data coming out over the last couple of weeks, I don’t think that was particularly likely.” There does appear to be longer-term support for Gold, as central banks continue to buy, and exchange-traded funds record increased inflows.
The same strong housing figures and economic optimism pushed crude oil futures higher today, as well. The wild trading day was marked with swings from the weak jobs report to closing at the highs on the housing data. “This is a positive note, as an improvement in economic data adds support to risk assets,” said Sean McGillivray at Great Pacific Wealth Management.
At 5 p.m. (EDT), the APMEX precious metals spot prices were:
- Gold - $1658.70 – Up $15.40.
- Silver - $31.13 – Up $0.70.
- Platinum - $1,571.00 – Up $23.70.
- Palladium - $673.50 – Up $17.40.
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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
