Morning Gold & Silver Market Report – 8/25/2014
Ryan Schwimmer
8/25/2014 8:11:23 AM
GOLD STEADY AMID RISING DOLLAR, STOCKS
The Gold price held steady near a two-month low in the face of a stronger U.S. dollar in early-morning trading. Saxo Bank senior manager Ole Hansen said, “Gold is holding well above support at $1,271 [per ounce] considering the perfect storm of negative gold news last week when we had rising stocks, rising bond yields, strong economic data from the U.S. and a firmer dollar. Even though the Fed interest rates tightening is receiving most of the attention, there is a lack of commitment because of poor liquidity at the moment.”
U.S. stock futures are higher in pre-market trade, taking a cue from Europe. Stocks there increased after extremely supportive comments from the European Central Bank’s president Mario Draghi. Peter Cardillo, chief market economist at Rockwell Global Capital, said, “[Draghi] was dovish and, to a certain degree, while Yellen and the rest of the Fed members are preparing for a rate hike next year, the tone is still that easy money and so if you have a flow of easy money coming out of Europe, that is going to help equity markets here in the States as well.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,279.60, Down $1.60.
- Silver, $19.41, Down $0.02.
- Platinum, $1,419.00, Up $0.50.
- Palladium, $884.50, Down $4.10.
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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
