Mid-Day Gold & Silver Market Report – 9/10/2014
Peter LaTona
9/10/2014 12:01:00 PM
GOLD SLIDES TO 3-MONTH LOW AS DOLLAR HOLDS NEAR HIGHS
Currency devaluations in the Eurozone, Japan and other parts of the world continue to support and strengthen the U.S. dollar. The strengthened dollar has driven Gold and Silver prices down. Gold and Silver prices both are drifting lower this morning with Gold hitting a 3-month low. Platinum is also taking a beating and hit a 7-month low today. “While bullion prices at current levels reflect, to an extent, expectations for tighter monetary policies, it does not preclude prices from falling further should the upcoming FOMC statement be viewed as more hawkish than anticipated,” James Steel, chief precious metals analyst at HSBC, said.
The U.S. stocks have rebounded off morning lows and are now posting modest gains. Investors in stocks are just as concerned as investors in Gold as to when the Federal Reserve will begin raising interest rates. Interest rate hikes will not be favorable for either asset class. Bonds are selling off which is also an indication that there is nervousness about a pending interest rate hike. Home mortgage applications fell last week as mortgage rates rose slightly.
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,247.10 Down $2.40
- Silver, $18.98 Up $0.01
- Platinum, $1,380.80 Down $6.00
- Palladium, $849.10 Down $11.30
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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
