Closing Gold & Silver Market Report – 9/10/2014
Ted Prince
9/10/2014 4:53:00 PM
INTEREST RATE SPECULATION CONTINUES TO WEIGH ON METALS
Gold is trading near even today, though the yellow metal remains under pressure as many investors believe strong economic data will influence the Federal Reserve to raise lending rates sooner than expected. Gold bugs and equities investors alike are eyeing this month’s Federal Open Market Committee meeting on September 16-17 as many believe the meeting could yield a move by the Fed to begin raising U.S. interest rates. Hawkish comments by Fed chief Janet Yellen could potentially precipitate another dip in Gold and Silver. However, geopolitical crises in Ukraine and the Middle East remain largely unresolved. Skirmishes in these hot zones could escalate at any time, forcing investors to seek asylum in Precious Metals as they have during much of 2014.
U.S. stocks realized mild gains Wednesday as technology shares were lifted by a rally in Apple, Inc. “Everybody has been watching Apple,” Matt Maley, equity strategist at Miller Tabak & Co. LLC, said via phone. “It’s an Apple-dominated market, especially in a week where we don’t have a lot of macro data coming out.” As unemployment, retail sales figures and consumer confidence continue to improve, equities investors are still leery about a potential interest rate hike.
At 5 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,250.80 Up $1.30
- Silver, $19.02 Up $0.05
- Platinum, $1,384.80 Down $2.70
- Palladium, $853.60 Down $6.90
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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
