Closing Gold & Silver Market Report – 9/23/2014

Ted Prince

9/23/2014 4:02:00 PM

GOLD SUPPORTED BY SYRIAN AIRSTRIKES, SOFTER DOLLAR AND DIP IN EQUITIES

The Gold price received support on Tuesday as the dollar softened and U.S. air strikes in Syria added some safe-haven appeal for the yellow metal.  The greenback came under pressure as New York Fed bank president William Dudley made dovish comments regarding an interest rate hike in the near future.  "The comments from Dudley have allowed gold to open steady and then we have the air strikes in Syria so some geopolitical safe haven buying and the dollar is a bit weaker," Societe Generale analyst Robin Bhar said.  "But this is just a corrective bounce in a market that has headed lower, now for several days in a row and there is strong resistance at $1,230 and we need to see a close above there for a couple of days in a row to remove the immediate bearish tone."

U.S. stocks are trading lower for a third straight day as conflict in the Middle East and a drop in healthcare shares weighed on key equity indexes.  “We’re going to continue to consolidate until we get better visibility as to whether the slowdown this month is for real,” Sam Turner, a fund manager with Richmond, Virginia-based Riverfront Investment Group LLC, said.  The possibility of a full scale correction to stocks remains an ever-present source of anxiety among analysts and investors.  Some economists have predicted a correction during the third or fourth quarter of 2014 that could see stocks move as much as 20 percent lower.  A dip of this size could force Precious Metals prices significantly higher as investors seek lower risk assets.

At 5 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,225.40, Up $6.00.
• Silver, $17.86, Up $0.02.
• Platinum, $1,334.50, Up $2.30.
• Palladium, $815.50, Up $12.40.

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