Closing Gold & Silver Market Report – 5/6/2014

Ted Prince

5/6/2014 4:02:00 PM

GOLD UNCHANGED AS UKRAINE CRISIS OFFSETS ECONOMIC DATA

The Gold price remained relatively flat today as lower physical demand offset the safe-haven appeal of Precious Metals. Though it appears the U.S. economy withered slightly in the first quarter due to an extreme winter season, a narrower trade deficit and better export figures helped underpin assessments that the economy is steadily improving. With the Federal Reserve continuing to tighten its monetary stimulus program and U.S. equities continuing to rally, escalating violence between pro-Russian separatists and loyal Ukrainians is helping buoy Gold and Silver prices in light of domestic economic numbers that are continually progressing. “As long as we see geopolitical tensions, that's going to provide support for Gold,” Mike Meyer, assistant vice president at EverBank World Markets, said. 

U.S. stocks are trading lower today as a selloff in internet shares and financial companies moved benchmark indexes into the red for the third time in four sessions.  “It seems the market is heavy,” Bill Schultz, chief investment officer at McQueen Ball & Associates, said. “You have more of the slightly riskier stocks that have run into trouble here, in particular tech and biotech. Today, the financials are under pressure.”  As always, volatility in equities markets has influenced the demand for traditionally safer investments such as Gold and Silver. 

At 5 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,310.00, Up $1.30.
• Silver, $19.65, Up $0.03.
• Platinum, $1,456.50, Up $8.10.
• Palladium, $818.60, Up $1.10.

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