Morning Gold & Silver Market Report – 3/15/2013
Ryan Schwimmer
3/15/2013 8:03:00 AM
CONSUMER PRICES RISE MOST SINCE JUNE 2009
Precious Metals prices remained steady after the release of the Consumer Price Index (CPI), which is a key inflation gauge. The CPI showed consumer prices rose 0.7 percent in February, the largest gain since June 2009. The main factor in the increase was gasoline prices, which also experienced the largest jump since June 2009. Gold and Palladium are mostly flat to start the day, while Silver and Platinum are up slightly.
Gold is headed for a second straight week of gains thanks to the likelihood of continuing quantitative easing around the world. Standard Chartered analyst Dan Smith said, “I think there is a feeling that the risk appetite is gone too far and I wouldn't be surprised to see equities pulling back and Gold coming back into favor a bit in coming days. Obviously, the euro strength is helping Gold prices to hold above $1,590 and it seems to me that there is more upside risk than downside risk for the time being.”
At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,595.20, Up $2.50.
- Silver, $28.94, Up $0.07.
- Platinum, $1,599.00, Up $7.20.
- Palladium, $772.50, Up $2.80.
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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
