Morning Gold & Silver Market Report – 8/29/2014
Ryan Schwimmer
8/29/2014 8:08:49 AM
SAFE HAVEN BID NOT ENOUGH FOR GOLD
Precious Metals are trading slightly lower in early-morning trade as Gold’s safe haven bid has not been enough to support prices. Heraeus trader Alexander Zumpfe said, “Looking at Treasuries, worries about Ukraine are delivering some kind of support. However, I don't think that is strong enough to trigger a more sustainable move into safe havens. Market expectation of higher U.S. interest rates is currently outweighing that safe-haven move. Physical demand was stronger over the ... couple of days when it traded below $1,280 [per ounce], but slowed down after strengthening to the mid-$1,290s. Overall, the physical side is so far not delivering convincing support.”
European stock markets recovered some of yesterday’s losses after positive economic data showed the lowest inflation level in almost five years in that region. This development could turn into something positive for Gold, as a low inflation rate might make European Central Bank policymakers more willing to introduce new easing measures at their meeting next week.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,289.40, Down $2.10.
- Silver, $19.60, Down $0.01.
- Platinum, $1,426.00, Down $0.20.
- Palladium, $898.90, Up $0.80.
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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
