Closing Gold & Silver Market Report – 11/4/2014
Paul Stevens
11/4/2014 4:32:00 PM
METALS CONTINUE FIGHT AS OIL AFFECTS ENERGY SHARES
Precious Metal prices declined most of the day before getting a slight boost to finish in the green and snap a four-day decline. A dip in the U.S. dollar along with reports of internal tensions within the European Central Bank (ECB) have helped metals rebound from four-year lows. With Gold reaching the key level of $1,180 per ounce, many analysts expect demand to increase if prices continue to decline. James Steel, chief metals analyst at HSBC, said, “We expect that greater emerging-market demand would accompany further price declines.”
Equity markets around the world pulled back Tuesday on a strengthening euro after a report surfaced mentioning tension between central bankers and ECB President Mario Draghi. Also, a drop in oil prices weighed on U.S. energy shares. Chicago’s Asbury Research director of research John Kosar said the price drop in oil, “has an immediate effect on the energy sector, of course, but it also has implications for the broader market, reflecting a lack of demand. With the market at record highs, you'd like to see oil do better since demand for oil indicates the economy is humming along.”
At 5:30 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,171.20 Down $1.60
- Silver, $16.11 Down $0.19
- Platinum, $1,225.50 Down $19.30
- Palladium, $787.50 Up $17.90
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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
