Afternoon Market Update: Jan 17 - Gainesville Coins News
No Minimum order! We accept Pay with Credit Card
Call Us: (813) 482-9300 Mon-Fri 9:00AM-6:00PM EST
Login or Register
Log into your account
About Gainesville Coins ®
Billions Of Dollars Bought And Sold A+ BBB Rating 10+ Years No Hidden Fees Or Commissions All Inventory Ships Directly From Our Vault

Afternoon Market Update: Jan 17

blog | Published On by
Afternoon Market Update: Jan 17

It was another banner day for precious metals as not even better than expected U.S. economic data could hold them down. PMs saw a pronounced and sudden drop with the release of the news that first-time jobless claims hit a five-year low, and U.S. housing starts posted a solid gain. Bargain hunters immediately swooped in and brought them all back up in short order.

Spot gold closed in New York at $1,688.10 after hitting a 4-week high of $1,698. Silver closed at $31.83 after rising above the psychologically important level of $32 in intraday trading. Platinum breached the $1,700 level, setting a 3-month high of $1,709 before ending the day at $1,697. "There is a significant chance of platinum moving back to a normal type of premium of at least $100 (against gold)," INTL Commodities CEO Jeff Rhodes said.

Precious metals were helped today by a weaker dollar and higher crude oil prices.  At least for today, political wrangling over the debt ceiling and U.S. budget spending cuts were forgotten, as the S&P 500 hit a five-year high in intraday trading.

by David Peterson

This site uses cookies for analytics and to deliver personalized content. By continuing to browse our site, you agree that you have read and understand our Privacy Policy.