Closing Gold & Silver Market Report- 10/2/2014
Ted Prince
10/2/2014 4:05:00 PM
ECB, JOBS REPORT EYED AS GOLD STRUGGLES TO RECOVER
Gold and Silver fell again Thursday as the prospect of domestic economic improvement and a higher interest rate environment further quelled the demand for Precious Metals. “The stronger U.S. macro outlook is driving expectations for a U.S. interest rate hike, which is supporting the dollar” and hurting Gold, Citigroup Inc. analyst David Wilson said. “You’d expect to see some bargain hunting at these lower prices.” Investors will continue to monitor economic news and geopolitical tensions, which have been strong motivators of higher Precious Metals prices during 2014.
U.S. stocks are treading water today as the European Central Bank (ECB) decided to maintain current monetary policy in the eurozone and investors await Friday’s U.S. jobless report. Analysts predict a positive rebound from last month’s disappointing unemployment data and are hoping for benchmark equities indexes to rebound following several sessions of losses. Further selloffs among equity shares could cause fear of a full-scale correction, which would likely influence strong bullion buying from those seeking a safe-haven alternative to riskier assets.
At 5:00 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,216.30 Down $0.70
- Silver, $17.17 Down $0.16
- Platinum, $1,270.10 Down $21.50
- Palladium, $768.30 Down $16.30
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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
