Morning Gold & Silver Market Report – 8/6/2014
Ryan Schwimmer
8/6/2014 10:11:47 AM
GOLD RECLAIMS $1,300 PER OUNCE MARK
The Gold price is reacting strongly to increased tensions between Russia and Ukraine as it reclaimed the $1,300 per ounce mark. Tensions increased after Russian President Vladimir Putin warned of retaliatory measures against sanctions put in place by the U.S. and Europe. With Gold’s safe haven appeal primarily boosting the price, if U.S. stocks continue to fall, some expect further gains for the yellow metal.
In addition to geopolitical tensions, news that Italy has unexpectedly fallen back into recession is another reason stocks are lower in premarket trade. Evan Lucas, market strategist at IG, said, “If Poland is indeed right that Russia is about to increase its presence in the east of Ukraine, buyers of all things risk will disappear fast as this is an undefinable event with an undefinable outcome for markets.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,303.80, Up $18.50.
- Silver, $19.98, Up $0.14.
- Platinum, $1,462.00, Up $6.10.
- Palladium, $846.50, Down $2.80.
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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
