Morning Gold & Silver Market Report – 9/3/2014
Ryan Schwimmer
9/3/2014 8:26:59 AM
GOLD FLAT AMID RUSSIA-UKRAINE NEWS
The Gold price is mostly flat, hovering near a 2 1/2 month low, in early morning trade. Gold seems stuck in the middle between a firmer dollar, which typically drives the price lower, and geopolitical tensions, which typically drive the price higher. The situation between Russia and Ukraine appears to be easing, though there is some confusion. Ukraine said it reached agreement on a permanent ceasefire with Russian President Vladimir Putin, but as it turns out, Russia had rejected that deal and Ukraine clarified that its president was working on a deal with Putin.
U.S. stock futures are pointing toward a positive start for Wall Street, thanks to hopes of a ceasefire. Investor focus will also be on the release of economic data surrounding factory orders and new vehicle sales, both of which are expected to be positive. This could put pressure on Gold; however, deterioration of the relationship between Russia and Ukraine could swing sentiment the other way.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,267.70, Up $1.70.
- Silver, $19.19, Up $0.04.
- Platinum, $1,410.80, Up $0.90.
- Palladium, $877.20, Down $6.00.
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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
