Morning Gold & Silver Market Report – 10/24/2014

Paul Stevens

10/24/2014 8:15:00 AM

METALS MOVE UP AS FUTURES, OIL DROP

Precious Metal prices are rising in early morning trading. Although Gold has gained for two straight weeks, a stronger U.S. dollar along with better than expected economic data have put a damper on the yellow metal’s safe-haven appeal. Macquarie analyst Matthew Turner said, “A better run of U.S. data has calmed nerves about the wider economy, and that has put pressure on Gold in the past few days, as it had been enjoying a safe-haven bid.”

U.S. index futures and European stocks declined Friday, giving back some of the gains from their best week this year. Investor concerns over a struggling global economy, coupled with a new case of Ebola in New York, provided pressure to the markets. Alessandro Giansanti, a senior rates strategist at ING Groep NV in Amsterdam, said, “Despite the economic recovery in the U.S., the overall outlook is not that strong and the Ebola scare is adding to uncertainty about growth.”

At 9:14 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,235.00 Up $3.90
• Silver, $17.36 Up $0.15
• Platinum, $1,258.60 Up $1.60
• Palladium, $786.00 Up $5.70

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