Closing Gold & Silver Market Report – 9/6/2014
Ted Prince
10/6/2014 4:28:00 PM
GOLD RALLIES AS STOCKS, DOLLAR DIP
The Gold price realized its largest session of gains in two months as the U.S. dollar retreated more than it has in one year. “The dollar drifting lower is adding support to Gold,” Saxo Bank Head of Commodity Strategy Ole Hansen said. “Almost all of Gold’s weakness we’ve seen has been a strong-dollar move.” Recent strength of the dollar versus competing world currencies put downward pressure on Precious Metals as the greenback capped off a seventh straight week of gains last Friday. The strength of the dollar, currently trading near a four-year high, is the central motivator of Precious Metal’s price movement. “Gold has held up relatively well compared to the other Precious Metals,” Barclays Plc analysts said in a note.
U.S. stocks are trading slightly lower today as sell-offs continue and investors await the beginning of corporate earnings season. “We see stocks trading a little nervously today and this week before third-quarter earnings,” U.S. Bank Wealth Management Senior Equity Strategist Jim Russell said. “We’re anxious to see how company managements comment on the strong U.S. dollar and overseas revenue.” With the ever-present speculation the Federal Reserve will soon raise lending rates, investors and analysts will be intently eyeing the impact of Fed policy decisions in coming months.
At 5:00 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,209.20 Up $14.30
- Silver, $17.42 Up $0.52
- Platinum, $1,248.80 Up $19.90
- Palladium, $769.00 Up $13.40
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.
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
