Closing Gold & Silver Market Report – 8/28/2014
Ted Prince
8/28/2014 4:21:00 PM
GOLD GETS BUMP AS UKRAINE CONFLICT OVERSHADOWS ECONOMIC REPORTS
Gold is trading higher on Thursday as geopolitical tension and ongoing short-covering forced a mild jump in bullion prices. Overseas conflicts have again taken center stage as safe-haven buying was spurred when the Ukrainian president publicly announced that the Russian military has invaded his country and is currently occupying areas along Ukraine’s eastern border. Though Russian officials have come forth to refute this accusation, investors shied away from equities today in search of asylum in the form of Precious Metals. Investors will continue to eye developments in geopolitical hot zones as they head into the long holiday weekend.
U.S. stocks dipped slightly on Thursday following the threat of violence in Ukraine and disappointing retail earnings reports. Unfortunately for equities investors, these factors overshadowed news that U.S. GDP expanded more than expected during the second quarter forcing the S&P 500 below 2,000. Many economists expect light volume prior to Labor Day weekend but escalating violence could put further downward pressure on U.S. stocks as nervous investors seek safe-haven investments like Gold and Silver.
At 5 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,291.00, Up $6.60.
- Silver, $19.53, Up $0.06.
- Platinum, $1,426.10, Up $5.20.
- Palladium, $898.00, 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
