Mid-Day Gold & Silver Market Report – 3/27/2014
Peter LaTona
3/27/2014 12:46:00 PM
METALS FEEL PRESSURE FROM ECONOMIC DATA AND STRONGER DOLLAR
Precious Metals are continuing to trade lower through mid-day trading as the U.S. dollar edged higher. Data released Tuesday showed better than expected growth in the U.S. economy and a fall in weekly jobless claims. This in turn has pressured metals with Gold currently trading under $1,300. Chintan Karnani, chief market analyst at Insignia Consultants, said, “Gold’s fall below the 200-day moving average at $1,299 triggered stop losses, which resulted in a [session] low of $1,292.”
U.S. stocks fluctuate between gains and losses as traders digest Thursday’s economic reports. Jim Russell, senior equity strategist for US Bank Wealth management stated, “The markets are likely to trade sideways to slightly negative over the next few trading sessions as some of the pre-announcements from companies indicate the first quarter is going to be pretty weak.” The process in play, “sets us up for lowered expectations, takes a little positive sentiment out of the market.”
At 1:46 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,296.50, Down $8.90.
- Silver, $19.75, Down $0.08.
- Platinum, $1,399.30, Down $9.20.
- Palladium, $760.40, Down $20.80.
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
