Closing Gold & Silver Market Report – 9/2/2014

Ted Prince

9/2/2014 3:55:03 PM

INVESTORS AWAIT ECB MONETARY POLICY ANNOUNCEMENT

U.S. manufacturing data showed output growing at its fastest pace in three years today.  Many investors took this news as a sign of continued growth in the domestic economy and demand for safe-haven assets like Gold was temporarily quelled.  Along with ongoing strength among equities markets and the fear of an interest rate hike in the near future, Gold has come under pressure to begin September.  “Good economic data and concern about the U.S. raising rates is keeping gold under pressure,” Tommy Capalbo, a broker at Newedge Group, said. “The political concerns seem to have taken a back seat for now.” 

The S&P 500 was able to hold above 2,000 today as U.S. stocks take a breather following last week’s rally.  Equities investors and Gold bugs alike are focused on the outcome of this week’s European Central Bank meeting.  “There is a lot of conversation around Mario Draghi doing some sort of quantitative easing in light of the softer-than-expected European data," Art Hogan, chief market strategist at Wunderlich Securities, said.  Speculation surrounding loose central bank monetary policy has caused a great deal of volatility among Precious Metals in past years. 

At 5 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold price, $1,267.10 Down $21.30
• Silver price, $19.19 Down $0.30
• Platinum price, $1,411.00 Down $14.70
• Palladium price, $882.40 Down $27.10

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