Mid-Day Gold & Silver Market Report – 9/9/2014
Ryan Schwimmer
9/9/2014 12:04:54 PM
GOLD, STOCKS DOWN AS DOLLAR RISES
The Gold price fell near three-month lows in morning trading as investors kept a close eye on geopolitical tensions between Ukraine and Russia. The U.S. dollar is stronger, putting pressure on the Gold price. Citi analyst David Wilson said, “Gold [has been] doing better than a lot of people thought because investors think that the interest rate rise in the U.S. will be slower than the [Federal Reserve] thinks, but it will be more bearish for Gold if interest rates actually increase sooner rather than later.”
U.S. stocks fell in morning trading after yesterday saw the S&P 500 drop more than at any point in the past month. Peter Boockvar, chief market analyst at the Lindsey Group, explained, “The sell-off in bonds is definitely noteworthy, particularly in Europe. We've got a six-week high in the U.S. 10-year Treasury yield and a three-plus-year high in the two-year. Anything interest-rate sensitive is selling off here. The selling in European stocks, we're taking our cue from that.”
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,250.70, Down $4.60.
- Silver, $18.98, Down $0.02.
- Platinum, $1,386.60, Down $12.00.
- Palladium, $862.60, Down $23.60.
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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
