Morning Gold & Silver Market Report – 8/20/2014
Ryan Schwimmer
8/20/2014 8:05:57 AM
GOLD STILL STUCK IN RANGE
The Gold price and U.S. stock futures are mostly flat in early-morning trading, but the Silver price is recovering more rapidly from recent losses. Heraeus trader Alexander Zumpfe said, “(Gold is under pressure from) a combination of the stronger dollar, together with ongoing weak demand. It's a bit frustrating from a trading perspective - it's not only range trading, this range is also very tight.” Investors continue to await an event that could break Gold out of its range.
One thing that could break Gold out of its range is clear direction from the U.S. Federal Reserve regarding interest rates. Naeem Aslam, chief market analyst at Ava Trade, said, “The question which everyone will be asking is if the Fed are ready to increase the interest rate sooner rather than later. Some hawkish members have certainly started beating the drums of an early increase.” Many expect that, should interest rates be raised early, Gold could break out on the downside; however, if an announcement is made that no early rate increase will happen, some expect Gold to break its apparent ceiling.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,297.70, Up $0.10.
- Silver, $19.55, Up $0.10.
- Platinum, $1,431.30, Down $8.20.
- Palladium, $871.60, Down $10.20.
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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
