Precious Metals Are Moving!
Cassie Bastien
8/29/2017 11:24:51 AM
Daily Gold & Silver Market Report – 08/29/2017
Tensions are on the rise as a North Korean missile traveled over the Japanese island of Hokkaido early Tuesday and landed in the Pacific Ocean, Reuters Reporter Apeksha Nair said. This extended wins for Precious Metals seen Monday, when Gold values experienced their biggest one-day rise since mid-May, gaining 1.4 percent. Yuichi Ikemizu, Tokyo branch manager at ICBC Standard Bank, said, “North Korea's missiles over the Japanese Hokkaido islands obviously fuelled buying for the flight for safety kind of money including the Japanese yen and Gold. ...I don't think Gold will be going back to $1,200 [per ounce] anymore...there's more bullish factors in this market.”
- Among other Precious Metals, Platinum jumped 1.2 percent to finally reach above $1,000 an ounce.
- Palladium was also up, rising 1 percent Tuesday, according to Eric Onstad (YahooFinance.com).
Silver Records 12-Week Highs
As the U.S. dollar continued to drop, Silver prices climbed, starting Tuesday strong. According to a report from Economic Calendar, Silver values are up 3.4 percent overall the past three days. Tensions on the Korean peninsula pressured equity markets, including a 100-point drop in the Dow Jones industrial average. Although the gains were small, prices of the gray metal were also boosted following Federal Reserve Chair Janet Yellen's speech in Jackson Holy, Wyo. Friday, where she “defended Obama-era regulatory policies ... but didn’t get into details about how monetary policy would play out,” Reporter Sam Bourgi noted.
At 12:24 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,317.50 Up $5.00
- Silver, $17.60 Up $0.07
- Platinum, $1,003.00 Up $14.70
- Palladium, $949.00 Up $8.70
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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
