Latest Market News

Daily Gold & Silver Market Report – 3/2/2015

METALS ON RISE AHEAD OF ECONOMIC DATA

Precious Metal prices are on the move Monday morning as Gold rose to its highest level in nearly two weeks.  As investors prepare for the release of important economic data this week, Gold received a boost from a surprise move out of China.  The world’s second largest Gold market decided to cut interest rates, which in turn lifted Gold’s safe haven demand. Mitsubishi Corp strategist Jonathan Butler said, “Anything that helps stimulate consumer spending is Gold favorable because there are more chances of higher purchases of consumer jewelry and Gold bars.”

As investors continue to digest economic news out of China and await this week’s economic data, oil continues to struggle. Slipping under $61 per barrel, oil prices lost more than 2 percent Monday as the U.S. dollar showed signs of strength and Libya increased its crude oil output. With an over-supply in the market, some analysts are expecting an uphill climb. Commerzbank senior oil and commodities analyst Carsten Fritsch told Reuters Global Oil Forum, “All in all the market is still over-supplied by a wide margin. We expect Brent [crude] to come under pressure again in Q2.”

At 10:11 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,214.60 Down $1.10
  • Silver, $16.62 Up $0.00
  • Platinum, $1,189.50 Up $2.90
  • Palladium, $828.50 Up $8.00

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

Daily Gold & Silver Market Report – 2/26/2015

GOLD UP ON U.S. RATE HIKE VIEW; U.S. CONSUMER PRICES FALL

Chinese buyers investing in Gold upon return from the Lunar New Year break and Federal Reserve Chair Janet Yellen indicating the U.S. Central Bank is in no hurry to raise interest rates gave Gold a one percent boost Thursday. "The combination of China returning, Yellen pushing the can further out, bond yields lower and exchange-traded product demand picking up has helped create a floor following a $117 sell-off (in Gold) since January," Saxo Bank's head of commodity strategy Ole Hansen said. "I see it potentially building on this up towards $1,235 [per ounce], while a break back above the 200 day moving average (currently at $1,246) will be one step too far at this stage." Data showed net Gold imports to Hong Kong rose to 76.118 metric tons, up from a three month low of 71.381 metric tons in December.

January saw U.S. consumer prices post their biggest drop since 2008. Gasoline prices also continued to fall, which could contribute to the Reserve holding off an interest rate hike. "It will be some time before the Fed gets the necessary confirmation that inflation will move back to target in the medium-term, and we continue to see September as the most natural starting point for the lift-off in rates," Securities Deputy Chief Economist Millan Mulraine said. The U.S. Labor Department’s Consumer Price Index fell 0.7 percent in January after slipping 0.3 in December, marking the third straight month of decline.

At 11:50 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,212.90 Up $8.60
  • Silver, $16.67 Up $0.15
  • Platinum, $1,179.40 Up $9.60
  • Palladium, $811.10 Up $0.90

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

Daily Gold & Silver Market Report – 2/25/2015

FED POSTPONES HIKING INTEREST RATES; OIL PRICES RALLY

The Federal Reserve announced Wednesday they're in no hurry to increase interest rates, which weighed on the dollar and in turn supported Precious Metals prices across the board, with Silver up more than three percent and Palladium reaching a six-week high. The Precious Metals market also welcomed back Chinese buyers following the Lunar New Year holiday, which drove premiums up on the Shanghai Gold Exchange. “China returned from their Lunar New Year holidays today and we saw strength across the board for the Precious Metals. Good demand (was) evident throughout the entire first session after the week-long break,” MKS said in a note.

Brent crude oil prices have stabilized a bit, reaching $60 a barrel following a report showing Chinese factories were overproducing. Saudi Arabia’s oil minister Ali al-Naimi also confirmed a growing demand. The United States is the largest user of oil, with China coming in second, so minor changes with U.S. or Chinese demand can swing oil prices. Between June 2014 and January 2015, oil prices fell 60 percent to near $45 a barrel, which was a post-2009 record low. 

At 12:34 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,207.10 Up $7.00
  • Silver, $16.61 Up $0.33
  • Platinum, $1,170.80 Up $7.20
  • Palladium, $810.30 Up $17.80

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

See all recent news