Daily Gold & Silver Market Report – 7/29/2016
Jennifer Carter
7/29/2016 10:27:00 AM
GOLD ON TRACK FOR MONTHLY GAIN
Spot Gold steadied Friday morning as the bank of Japan expanded its monetary stimulus. Even through a modest increase in purchases of exchange-traded funds, yielding to pressure from the government and financial markets for bolder action to spur growth and accelerate inflation towards its 2 percent target,coupled with the dollar retreating, has boosted Gold. Spot Gold was down 0.1 percent at $1,334.70 an ounce at 12:07 GMT, on track for its first weekly gain in three weeks and a near one percent monthly gain. U.S. Gold was up 0.1 percent at $1,332.90 an ounce. "The main focus for Gold is the uncertainty surrounding the Fed," said ING Bank senior strategist Hamza Khan, adding that today's modest action by the Bank of Japan will be followed by investors in relation to the impact on the Federal Reserve's decision to lift rates.
The Federal Reserve gave no insight to when the hike may happen. After the Brexit vote in June, the expectation for a hike fell. The U.S labor and consumer reports have improved, but a September hike is still on the table. Investors think a December hike is more likely. "By September, we may have more easing from abroad. My sense is the board is more sensitive to that and it's not about election risk. It's about policy risk. I think December or January is more likely. Is there a chance for September? If you're data dependent, yes ... I don't think they're going to do it but you could have people chattering out there. We've seen a lot of squawking around the Jackson Hole meeting when they're at a pivotal point," said Diane Swonk, founder of DS Economics.
At 10:26 A.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,349.10 Up $12.10
- Silver, $20.30 Up $0.09
- Platinum, $1,152.60 Up $16.70
- Palladium,$707.50 Up $7.90
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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies
