Morning Gold & Silver Market Report – 8/7/2014

Ryan Schwimmer

8/7/2014 9:08:52 AM

GOLD RETAINS $1,300 PER OUNCE MARK

The Gold price is lower this morning, though it still clings to the psychological $1,300 per ounce level. As the dollar firms, pressure increases on the Gold price. Deutsche Bank global head of commodity research Michael Lewis said, “There are a lot of crosswinds going on for Gold. You have long-term U.S. real yields going down to new lows and geopolitics, which should be supportive, but on the flip side you have dollar strength coming through and equities hitting new highs. Those various forces are working against each other, which is maybe why we're still in this rangebound market.”

U.S. stock futures are pointing toward a positive open for Wall Street after the weekly jobless claims report showed a decline in the number of new claims filed last week. The European Central Bank expectedly announced it would maintain current interest rates in the eurozone. Marvin Barth and Bill Diviney of Barclays Research wrote, “Global risk sentiment remains weak, led by European growth concerns as tension escalations around the Ukraine situation.”

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,305.90, Down $2.30.
• Silver, $19.96, Down $0.07.
• Platinum, $1,469.00, Up $3.80.
• Palladium, $852.90, Up $3.00.

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