Mid-Day Gold & Silver Market Report – 9/12/2014

Brandi Brundidge

9/12/2014 12:05:00 PM

GOLD DECLINES ON POSITIVE U.S. ECONOMIC OUTLOOK

As the U.S. economy continues to show signs of growth and stability, safe haven assets such as Gold are feeling the pressure.  The yellow metal dropped to an eight month low this morning on news such as September’s consumer confidence, which a Bloomberg survey of economists showed was better than expected.  The Federal Reserve is expected to raise interest rates soon, which has also put a damper on Gold as the metal typically acts as a hedge against inflation.  The next Fed policy meeting will be held September 16-17 and investors expect a possible clue for when consumers could see interest rates rise. 

U.S. consumer sentiment soared to 84.6 for September, the highest since July 2013. "Although consumers anticipated a slowdown in employment growth, (they) expected the highest rate of growth in their wages in six years,'' Thomson Reuters/University of Michigan survey director Richard Curtin said in a statement.  Consumers appear to have an optimistic view on the national economy presently and for the upcoming year. 

At 1:04 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,234.30, Down $5.70.
• Silver, $18.71, Up $0.06.
• Platinum, $1,371.10, Down $0.60.
• Palladium, $837.90, Up $4.70.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.