Aug 27 (APMEX) — Precious Metal prices are opening the day higher, gaining back yesterday’s losses on chart-based buying.
APMEX Market Update : METALS RISING AHEAD OF DATA
Although recent geopolitical tensions in the Middle East and Ukraine have dominated recent headlines, some feel they are failing to stir investor demand. Tokyo’s Standard Bank branch manager Yuichi Ikemizu said of Gold, “We are seeing some physical demand but it’s not enough to make the market higher. I think the U.S. dollar is a bit too strong. $1,240 to $1,250 [per ounce] should be very good support levels.”
U.S. stock futures are rising ahead of the release of economic reports highlighting July’s durable goods orders along with housing data from June. While some feel the closely watched reports will give direction, some analysts feel unrest around the world could be a bigger factor. Valutrades analyst Joao Monteiro said in a note, “It is going to be any change in the geopolitical landscape that has the potential to cause the most volatility.”
At 9:20 a.m. (ET), the APMEX Precious Metals spot prices were:
Gold, $1,290.10, Up $10.20.
Silver, $19.59, Up $0.20.
Platinum, $1,424.10, Up $5.70.
Palladium, $889.20, Down $1.60.
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