Closing Gold & Silver Market Report – 10/8/2014
Paul Stevens
10/8/2014 4:27:00 PM
METALS MOVE UP AS U.S. DOLLAR FALLS
Precious Metals continue to climb as investors digest minutes from the latest Federal Open Market Committee meeting showing the U.S. Central Bank has concerns about the U.S. dollar as well as European inflation and economic turmoil. Alternative Investments Capital Asset Management LLC managing director of trading Daniel Hwang said, “The main focus for Gold investors now is on the Federal Reserve and U.S. monetary policies. Gold prices are likely to [be] rangebound in the near term as traders are now betting that the Fed will not be able to raise interest rates until Q2 or Q3 next year.”
The dollar fell Wednesday to its lowest point in the past two weeks after the release of FOMC meeting minutes. Lou Brien, analyst at DRW Trading in Chicago, said, “Going in (to the Fed minutes), I didn't think we'd see much of anything but the headlines made them look more cautionary on some of the risks out there than I would have expected.”
At 5:25 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,223.90 Up $9.50
- Silver, $17.44 Up $0.14
- Platinum, $1,282.60 Up $18.70
- Palladium $804.80 Up $16.80
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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
