Closing Gold & Silver Market Report – 10/7/2014

Ted Prince

10/7/2014 4:05:00 PM

IMF GROWTH PROJECTIONS BOOST GOLD, WEIGH ON STOCKS

Gold is trading higher Tuesday as investors sought the safe-haven appeal of Precious Metals following a report by the International Monetary Fund that cut its global growth forecasts. “Following yesterday's rally, traders are in a wait-and-see attitude now after the IMF lowered world growth and issued some market risk warnings,” RBC Capital Markets Vice President George Gero said.  With Gold recently dipping below $1,200 per ounce, physical buying demand has increased both domestically and abroad, lending support for the yellow metal this week. 

U.S. stocks suffered another poor session as the IMF’s negative growth forecasts were enough to force the Dow Jones to another day of triple digit losses. “It’s definitely a risk-off day with ugly European data and growth concerns and I think we’re seeing some of that negative sentiment just getting ahead of itself here,” Mark Kepner, an equity trader at Themis Trading LLC, said.  Many investors regard U.S. stocks anxiously as the fear of a large-scale market correction continues to pervade the equity rumor mill. 

At 5:00 p.m. (ET), the APMEX Precious Metals spot prices were:

•             Gold, $1,210.60 Up $1.30
•             Silver, $17.24 Down $0.07
•             Platinum, $1,261.30 Up $10.10
•             Palladium, $787.40 Up $20.30

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