Daily Gold & Silver Market Report–3/8/2016

Paul Stevens

3/8/2016 11:46:00 AM

WORLD STOCKS STRUGGLE, GOLD BENEFITS ON WEAK CHINESE DATA

Gold prices continue their recent trend up, moving toward 13-month highs during morning trading hours Tuesday.  As investor concern over a slowing global economy is rekindled, a decline in the U.S. dollar along with slumping European shares and disappointing trade data out of China boosted Gold’s safe-haven appeal.  Carlo Alberto de Casa, ActivTrades' chief analyst, said, “Uncertainty about the global economy and investor risk aversion have been a supporting theme for Gold this year. The metal is challenging last week's 13-month peak, while February's high around $1,260 [per ounce] has become a strong technical support level.”  Many investors will keep a watchful eye for direction as the U.S. Federal Reserve and the European Central Bank have policy meetings over the next two weeks. 

Stocks around the world fell Tuesday as trade data from China showed exports declined their most in six years, far worse than was expected.  As world leaders attempt to provide reassurance about the markets, many investors are simply looking to get out.  Andreas Clenow, hedge fund principal and trader at ACIES Asset Management, said, “At the moment we're in a bear stock market. Everyone's looking for an excuse to sell out, and the reason today for a lot of investors is the weak China data.” 

At 12:45 P.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,268.00 Up $2.30
• Silver, $15.49 Down $0.18
• Platinum, $986.80 Down $15.20
• Palladium, $566.50 Down $12.20

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