Morning Gold & Silver Market Report – 11/18/2014
Brandi Brundidge
11/18/2014 10:02:00 AM
GOLD RISES ON WEAK DOLLAR; OPEC TO VOTE NEXT WEEK
Gold reached a 2-1/2 week high today due to a weaker U.S. dollar. "We are seeing a corrective bounce, but it looks like we have already done quite a lot from the $1,130 [per ounce] lows a couple of weeks ago," Societe Generale analyst Robin Bhar said. German economic sentiment rose in November for the first time in the last year, supporting the euro and pressuring the dollar. Minutes from the U.S. Federal Reserve’s October policy meeting will be released Wednesday. Investors are interested to see what exactly was said about raising interest rates in the near future.
The Organization of the Petroleum Exporting Countries (OPEC) meets next week to decide on production levels and pricing for crude oil. The 12-member association plans to meet on Thanksgiving, when U.S. markets are closed and liquidity is typically low. The issue at hand for OPEC is Saudi Arabia, one of their largest oil producing members, who in the past has independently made decisions to make supply cuts. This may no longer be permitted when OPEC votes next week.
At 11:00 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,197.40 Up $10.90
- Silver, $16.27 Up $0.12
- Platinum, $1,207.50 Up $4.20
- Palladium, $776.90 Up $7.20
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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
