Closing Gold & Silver Market Report – 8/13/2014
Ted Prince
8/13/2014 3:45:00 PM
GOLD FUTURES BOUNCE FOLLOWING WEAK RETAIL SALES NUMBERS
Gold futures received a mild boost today following disappointing U.S. retail sales data. The weaker-than-expected retail figures reinforced the belief that the Federal Reserve will maintain low interest rates for the foreseeable future. “The Precious Metal has certainly loved the retail sales data and this is moving the traders to make more bullish bets today,” Naeem Aslam, chief market analyst at Ava Trade, said. “It was an appalling number which has missed the forecast by a large number and this has faded the notion of hike in the interest rate by the Fed, at least today.” A low interest rate environment bodes well for Precious Metals, which are also receiving support from ongoing crises in the Middle East and Ukraine.
U.S. stocks closed higher today for the third session out of the last four. The jump in equities is helping benchmark indexes rebound from losses last week due to escalating conflicts in the Middle East and Ukraine. “It's not a market that is being driven by divisive issues,” Peter Cardillo, chief market economist at Rockwell Global Capital, said. The broad gains are "a good indicator that geopolitical concerns just maybe might wane for the week."
At 5 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,313.00, Up $2.40.
- Silver, $19.84, Down $0.10.
- Platinum, $1,470.70, Down $1.50.
- Palladium, $882.30, Up $3.30.
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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
