Closing Gold & Silver Market Report – 3/26/2013
Nicholas Wilsey
3/26/2013 4:27:00 PM
GOLD DOWN ON POSITIVE ECONOMIC REPORTING
At the close of business here in the United States, the price of Gold has ended down, closing below $1,600 an ounce for the first time in 10 days. Gold has struggled to find direction as a mixed bag of good and bad financial data has been released. The situation in Cyprus and the U.S.’s automatic budget cuts have been a positive for Gold’s market value. Add to that the continued economic stimulus by the U.S. Federal Reserve and most financial analysts believe Gold has quite a bit of support. “Housing data and consumer confidence both missed expectations and this during a period of time when the Fed is printing money,” one expert said. “This data will be beneficial to Gold in the future as the Fed has no choice but to print in order to keep the economy somewhat afloat.”
There were more mixed financial reports out today regarding the U.S. economy. “The economy continues to expand in the first quarter, but we do have a drag from the sequester,” Pittsburgh’s PNC Financial Services Group Senior Economist Gus Faucher said. Durable goods and the housing market have had noted improvements even with negative factors weighing on the market. “As such, consumer spending remains in a growth mode, despite the recent headwinds of higher taxes and diminished discretionary income,” Plante Moran Financial Advisors Chief Investment Officer Jim Baird said. Only time will tell if the positive economic trends continue in the face of negative factors.
At 5:00 pm (EDT), the APMEX precious metals spot prices were:
- Gold, $1601.50, Down $5.50.
- Silver, $28.79, Down $0.11.
- Platinum, $1576.20, Down $8.70.
- Palladium, $762.70, Up $6.40.
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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
