Mid-Day Gold & Silver Market Report – 2/26/2014
Ted Prince
2/26/2014 12:55:00 PM
GOLD DOWN FOLLOWING MULTI-SESSION RALLY
A stronger U.S. dollar has pulled Gold from its highest level in more than four months as expectations for ongoing monetary stimulus cuts propped up the greenback versus competing world currencies. Gold’s safe haven appeal has recently benefited from stock market volatility and civil unrest abroad and the yellow metal is set to rack up two straight months of gains for the first time since August. As questions about the strength of U.S. economic recovery and fear of stock market correction loom, investors will wait to see if Gold can continue a northward trend following today’s setback.
U.S. stocks are up today with the S&P 500 finally breaching its record high after two sessions of near-misses. “The market is liking this” home sales data, Philadelphia Trust Co. chief investment officer Richard Sichel said. “We need to see a trend of growth in the data, but we’ll take one number at a time.” With the market rallying after its rocky start to the year, equities will need to see ongoing economic strength as the Federal Reserve’s quantitative easing program will be less of a factor in propping up stocks.
At 1:54 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,331.10, Down $13.60.
- Silver, $21.37, Down $0.66.
- Platinum, $1,432.10, Down $12.50.
- Palladium, $731.40, 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
