Daily Spot Price Update 1/24/2017

Metal Open Close Change
Gold $1218.12 $1207.65 – $10.47
Silver $17.24 $17.11 – $0.13
Platinum $988.00 $999.40 + $11.40
Palladium $776.20 $791.85 + $15.65

Summary

Gold and silver both decreased on 1/24, while platinum and palladium saw increases.

Reports on Economic Activity

The Purchasing Managers’ Manufacturing Index surveys monthly activity in the private sector economy. January’s numbers are looking strong, up eight-tenths from December. This is the strongest reading since March 2015. Among the strongest factors are production, growth in new orders, and purchasing.

Another report that details the sales of existing homes (as opposed to newly built homes) shows a dwindling supply. The lack of homes on the market is holding down sales, which fell 2.8 percent in December. Supply is now at its lowest rate since 1999. Another factor that may be contributing to low sales is higher mortgage rates.

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