Mid-Day Gold & Silver Market Report – 3/4/2014

Ryan Schwimmer

3/4/2014 12:15:26 PM

EMERGING MARKETS TO DEFINE GOLD’S COURSE

Precious Metals prices were relatively unchanged in morning trading as investors continue to track the situation in Ukraine. The Gold price is lower overall today because of profit-taking, according to analysts at India’s ICICI Bank. James Steel, chief Precious Metals analyst at HSBC, wrote, “We would argue that physical demand trends in the emerging world will largely define Gold’s price movements this year. China alone is absorbing the equivalent of half the world’s Gold mine production. A possible recovery in Indian demand, should the authorities reduce Gold import tariffs, is potentially supportive.”

With the Ukraine crisis seemingly easing today, U.S. stocks are enjoying a day of gains. Joseph Tanious, global market strategist at J.P. Morgan Asset Management, said, “Heading into the week, there was a lot of anxiety out there about how it might escalate, between Russia and the West, and anytime you have superpowers talking like that, it's going to scare the markets. But we knew in the end, cooler heads would prevail.”

At 1 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,339.60, Down $12.70.
• Silver, $21.23, Down $0.29.
• Platinum, $1,468.50, Up $5.80.
• Palladium, $763.10, Up $13.10.

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