Morning Gold & Silver Market Report – 9/29/2014

Ryan Schwimmer

9/29/2014 8:04:16 AM

HONG KONG UNREST BOOSTS GOLD

Gold is flaunting its safe haven value in early-morning trading as political unrest in Hong Kong boosted demand. The U.S. dollar is also trading slightly lower. Citi analyst David Wilson said, “You can attribute most of the move in September so far to the dollar. It's macro issues in the driving seat right now, and all eyes are on expectations of interest rate hikes in the U.S. sometime into next year, which is pushing the dollar higher.”

Chicago Federal Reserve President Charles Evans is on the opposite end of the spectrum than Dallas Fed President Richard Fisher regarding the interest rate hike timeline. While Fisher said he’d like to see a hike before summer 2015, Evans said, “I think there will be quite some time before it becomes appropriate to raise rates. We need to make sure we have got the fundamentals right in order to have strong growth — get inflation up to 2 percent — so that we can exit the zero lower bound dilemmas that we have.”

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

• Gold, $1,222.70, Up $5.80.
• Silver, $17.62, Up $0.02.
• Platinum, $1,310.10, Up $7.00.
• Palladium, $786.50, Up $2.70.

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