Closing Gold & Silver Market Report – 9/03/2014

Paul Stevens

9/3/2014 4:12:00 PM

METALS CONTINUE TO SEARCH FOR DIRECTION  

Precious Metal prices continue to rise through afternoon trading as investors monitor news outlets for direction.  As traders prepare for the release of U.S. employment data Friday, some are looking at the recent Beige Book, or Summary of Commentary on Current Economic Conditions, for news on the economy.  The report states, “Reports from the [12] Federal Reserve Districts indicated that economic activity has expanded since the previous Beige Book report; however, none of the Districts pointed to a distinct shift in the overall pace of growth.”

The U.S. dollar is beginning to decline after three days of consecutive gains. Talks of a potential ceasefire between Ukraine and Russia have helped ease tensions in the region.  Masafumi Takada, a New York-based director at BNP Paribas SA, said, “Headlines about a Russia-Ukraine ceasefire are definitely positive for the euro. Also, the market has been accumulating long U.S.-dollar positions lately, and there’s some position-adjustment liquidation ahead of the [European Central Bank] tomorrow and nonfarm payrolls on Friday.”

At 5:13 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold price, $1,271.20 Up $5.20
• Silver price, $19.20 Up $0.05
• Platinum price, $1,414.00 Up $4.10
• Palladium price, $876.00 Down $7.30

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