Morning Gold & Silver Market Report – 10/6/2014
Ryan Schwimmer
10/6/2014 8:13:07 AM
GOLD RECOVERS FROM OVERNIGHT LOSSES
The Gold price increased slightly in morning trading but still below the key psychological level of $1,200 per ounce. At one point in overnight trading, the Gold price was just above a key support level of $1,180 per ounce. Ronald Leung of Lee Cheong Gold Dealers in Hong Kong, said, “A strong dollar is a major problem for gold. Sentiment is very bearish but I think we expect some kind of rebound.”
U.S. stock futures are pointing towards a higher open for Wall Street. Evan Lucas, market strategist at IG, said, “The labor market still has plenty of slack in it. The strong employment numbers mean the economy is moving, but it's not so strong that the [U.S. Federal Reserve] would jump the gun with moving rates.” The timing of the Fed hiking interest rates has been a main factor of market prices in recent months.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,198.70, Up $4.30.
- Silver, $17.12, Up $0.23.
- Platinum, $1,232.80, Up $3.90.
- Palladium, $756.50, Up $2.00.
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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
