Mid-Day Gold & Silver Market Report – 3/2/2011
Ryan Schwimmer
3/2/2011 12:13:00 PM
At 12PM (CT) the APMEX precious metals spot prices were:
- Gold - $1,438.20
- Silver - $34.82
- Platinum - $1,858.80
- Palladium - $821.40
COMMENTARY: Gold hit a new record high today, as stocks are losing earlier gains. Reuters reports that stocks will likely “remain tethered to the ups and downs of oil prices, which surged as fighting in Libya intensified.” Inflation fears also seem to be tethered to oil prices, which increases the safe-haven appeal of gold and other precious metals. Stocks were helped earlier by the news that private employers in the U.S. added more jobs than expected last month, however, Federal Reserve Chairman Ben Bernanke says that budget cuts could cost the U.S. around 200,000 jobs.
Gold spot price is up $6.00 on the day. Silver price is up $0.37. Platinum price is up $12.70. Palladium price is up $5.00.
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
