Morning Gold & Silver Market Report – 11/24/2014
Paul Stevens
11/24/2014 9:58:00 AM
GOLD HOLDS ONTO GAINS AS EURO STRENGTHENS
Gold and Silver prices are hovering and holding onto gains received Friday. Although some feel Gold has had a lackluster year, recent news out of China and Europe have sparked recent gains and optimism for the future. Julian Jessop, head of commodities research at Capital Economics, wrote, “Gold remains out of favor with Western investors and commentators focused on the prospect of tighter U.S. monetary policy and further dollar strength. But we see scope for a decent recovery in the price of the Precious Metal over the next year or two, with a target of US $1,400 per ounce for end-2016.”
Stronger-than-expected German business news helped the euro gain against the U.S. dollar Monday. The news is seen as a positive sign that Europe’s largest economy is improving after narrowly avoiding going into recession. With the overall eurozone economy still struggling, European Central Bank chief Mario Draghi’s moves in regards to monetary policy will be highly scrutinized. Derek Halpenny, European head of global markets research at Bank of Tokyo-Mitsubishi UFJ in London, said, “We think that the relative monetary policy play is pretty much priced in, so it is going to become a struggle to push further lower for the euro.”
At 10:58 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,201.50 Up $0.80
- Silver, $16.51 Up $0.02
- Platinum, $1,220.60 Down $8.70
- Palladium, $800.20 Up $4.30
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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
