Morning Gold & Silver Market Report – 9/17/2014

Ryan Schwimmer

9/17/2014 8:04:23 AM

GOLD FLAT AHEAD OF FED DECISION

Gold is mostly flat in early-morning trading ahead of a Federal Reserve decision at the conclusion of its policy meeting. VTB Capital analyst Andrey Kryuchenkov mentioned that regardless of the Fed’s likely attempts to talk down interest rate speculation, “The dollar is going to remain stronger against the euro and that is what really impacts the metal.” HSBC noted that the vote on Scottish independence could also impact the yellow metal. Their analysts wrote, “A yes vote is likely to be bullish for Gold and a no vote slightly bearish.”

Stock futures are also flat in premarket trade. IG market analyst Chris Beauchamp said that if the Fed sticks with its “considerable time” phrasing regarding an interest rate hike, “It will mean that equity indexes should recover some of the upward momentum that has been lacking in recent sessions.” Jon Hilsenrath, chief economic correspondent at The Wall Street Journal, said that the Fed would likely rather not give any clues that a rate hike is coming soon.

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,239.20, Up $1.50.
• Silver, $18.74, Down $0.05.
• Platinum, $1,366.50, Down $1.80.
• Palladium, $842.30, Down $2.00

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