Mid-Day Gold & Silver Market Report, 07/20/2012
Brandi Brundidge
7/20/2012 12:18:00 PM
GOLD STAYS IN TIGHT RANGE THANKS TO SHORT TERM TRADERS
Precious Metals pricing remained soft through midday trading as the beleaguered euro again hit session lows against the American dollar. Gold trading has also been strongly influenced by short term traders this week, who have Gold moving in a tight band. “Every time we go towards $1,570, some scattered physical related buying emerges,” said Afshin Nabavi, head of trading at MKS Finance. “But there seems to be good selling around the $1,590 level, too. It’s been a very long week within this range. The volatility has dropped, as well.”
The Chinese stock markets are feeling the effect of the Chinese government’s announcement that it will not be a relaxing property controls. This is seen as an effort to keep a handle on housing prices, and has pushed the Chinese stock index to a fifth week of decline. “The news on property curbs is adding pressure to developers and is dragging down the market,” said Tang Yonggang at Hongyuan Securities Co. in Beijing. “Also, the market has risen for three days, and there isn’t enough liquidity to sustain the gains. There’s no need to be too optimistic about A shares.”
At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,582.40, Up $2.50.
- Silver, $27.32, Up $0.01.
- Platinum, $1,415.10, Down $8.00.
- Palladium, $576.80, Down $9.10.
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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
