Morning Gold & Silver Market Report – 1/15/2014
STRONGER U.S. DOLLAR PRESSURES GOLD
The strength of the U.S. dollar has U.S. stock futures rising and Precious Metals prices falling in early trading. Retail sales data released Tuesday has allowed the dollar to shrug off Friday’s disappointing jobs report, according to Saxo Bank senior manager Ole Hansen. Hansen added, “Stronger dollar and shares are a challenge for Gold... we need to see some more data come through but the overall expectation is that the Fed will continue to taper at the same rate and that they won't react to just one or two U.S. numbers to change their view.”
Two Federal Reserve officials are speaking today about the economy. Two Fed officials also spoke Tuesday, with Philadelphia Fed President Charles Plosser saying he wants quantitative easing to come to an end by the end of the year. Mike McCudden of Interactive Investor spoke on the stock market, saying, “Technically it’s still a buyer’s market, but the increased volatility in recent sessions is a sure signal something’s about to give. News that the World Bank has upgraded its global outlook while U.S. consumer spending surprised to the upside may have brought some calm to the [Volatility Index] but the poor jobs data last week should serve as a reminder that the U.S. economic recovery is still patchy.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,238.60, Down $9.10.
- Silver, $20.10, Down $0.24.
- Platinum, $1,421.00, Down $14.80.
- Palladium, $736.40, Down $2.50.
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