Closing Gold & Silver Market Report – 9/8/2014
Ted Prince
9/8/2014 5:14:00 PM
GOLD SLIPS AS DOLLAR CONTINUES TO STRENGTHEN
The Gold price is down again today as the U.S. dollar continues to rally. Even as disappointing payroll data from Friday gave reason to pause among some investors, geopolitical turmoil seems to be temporarily quelled leaving little available to motivate higher Precious Metals prices. "It’s the stronger dollar driving the price, but although Friday’s non-farm payrolls took the market by surprise, gold managed to close only around $1,271," MKS SA head of trading Afshin Nabavi said. Gold could receive some support from intensifying conflict overseas. Investors continue to eye developments between pro-Russian rebels and Ukraine to see if the current ceasefire will hold.
U.S. stocks fell from their all-time high today as declines among energy companies weighed on equities indexes following a five-week rally. “You have five weeks of S&P growth, we may be in the overbought territory,” Bruce Bittles, chief investment strategist RW Baird & Co., said. “You generally don’t continue to grow forever.” Low volatility continues to plague markets as many investors await new policy directives from the Federal Reserve and remain leery of a potential correction following such a significant rally.
At 6:13 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,258.60 Up $3.30
- Silver, $19.10 Up $0.10
- Platinum, $1,402.40 Up $3.90
- Palladium, $887.00 Up $0.90
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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
