Morning Gold & Silver Market Report – 10/27/2014

Paul Stevens

10/27/2014 9:02:00 AM

METALS AWAIT DIRECTION AHEAD OF FED MEETING

Precious Metal prices saw a slight boost Monday morning ending three consecutive days of losses.  As investors prepare for a week of important economic data releases, the two-day Federal Reserve policy meeting, which begins Tuesday, will be closely watched.  Societe Generale analyst Robin Bhar said, “The Fed obviously has a mandate domestically on inflation and growth, but could it now delay a June hike because of what's going on outside the United States? That will be something to watch for... it will give gold some near-term direction.”

The euro gained ground and edged up on Monday following the European Central Bank’s stress test on European banks.  The test helped relieve some concern surrounding the eurozone economy and found smaller than expected capital requirements within European banks.  Neil Mellor, a currency strategist at Bank of New York Mellon in London, said, “There are some positives from the stress tests and it could have been a whole lot worse.”

At 10:00 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,231.30 Down $2.50
• Silver, $17.24 Up $0.00
• Platinum, $1,255.90 Up $3.00
• Palladium, $785.80 Up $3.90

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