Morning Gold & Silver Market Report – 9/15/2014
Ryan Schwimmer
9/15/2014 8:14:39 AM
GOLD UP AHEAD OF FED MEETING
Gold’s negative correlation to stocks is in play this morning as the yellow metal rests near an 8-month low. The key news this week is the Federal Open Market Committee (FOMC) meeting scheduled to conclude Wednesday, with a policy decision and press conference to follow. ABN Amro analyst Georgette Boele said, “Gold's losses on Friday were mostly due to the dollar's rally... you see now a small pick-up in prices but I think they'll come under more pressure as the Fed's meeting comes into focus.”
As mentioned above, U.S. stock futures are pointing to a lower open for Wall Street after European stocks fell. Weak factory data out of China and anticipation of the FOMC meeting are also bearing down on stocks. Investors are still looking for clues as to when the Fed will raise interest rates, with many analysts expecting an early hike.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,235.00, Up $2.50.
- Silver, $18.67, Up $0.01.
- Platinum, $1,370.50, Down $1.00.
- Palladium, $842.50, Up $6.50.
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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
