Closing Gold & Silver Market Report – 6/4/2014

Paul Stevens

6/4/2014 4:30:00 PM

METALS FLAT AS INVESTORS AWAIT IMPORTANT DATA RELEASE

Precious Metal prices continued their sideways movement and traded mostly flat through the afternoon.  As investors continue to await Friday’s much anticipated jobs report and the conclusion of the European Central Bank (ECB) policy meeting, some traders are speculating on what the outcome will mean for Gold.  Jeffrey Wright, managing director at H.C. Wainwright, said in an email, “The main events for the week with an impact to Gold are still on deck: ECB announcement on Thursday and U.S. employment report on Friday.  We anticipate a modest easing of rates by the ECB to counteract negative inflation, ‘deflation’ within Europe.”

The U.S. dollar rose Wednesday, continuing its recent strength.  With a boost from larger Treasury yields and investors showing much anxiety ahead of tomorrow’s ECB meeting, U.S. currency is rising. ING Capital Markets director of foreign exchange Lane Newman said, “There are a lot of questions about how big the [ECB] rate cut will be.  Rates here are expected to be higher before lower. Obviously, the rates in the eurozone are going to be lower before higher. That's benefiting the dollar across the currency universe.”

At 5:17 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,245.70, Down $0.80.
• Silver, $18.85, Up $0.03.
• Platinum, $1,440.50, Up $6.00.
• Palladium, $836.50, Down $0.20.

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APMEX’s ‘News and Commentaries’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. 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 "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.