Morning Gold & Silver Market Report – 12/11/2014
Brandi Brundidge
12/11/2014 10:50:00 AM
GOLD SLIDES ON ROBUST DOLLAR; LOWER OIL PRICES IMPROVE U.S. ECONOMY
The price of Gold declined almost 1 percent today after reaching a seven-week high due to optimistic U.S. economic data, which boosted the dollar. The job market appears to be on track for recovery with fewer new claims for unemployment benefits being reported last week and consumer spending increasing in November. "The market's focus is on the 'considerable time' language, whether the Fed will take that out or not. We think the first interest rate hike could happen in June 2015," Societe Generale analyst Robin Bhar said.
Crude oil prices continue to decline; however it appears to be a key factor for a healthier U.S. economy. "Short-term we're seeing a U.S. economy that's growing with increasing strength, and lower energy prices are going to be a boost to consumer demand and confidence," Treasury Secretary Jack Lew said. Lew did not have a firm stance for future oil prices; however he stated that impending contracts point towards market conditions possibly moving back to normal.
At 10:41 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,230.40 Down $2.00
- Silver, $17.24 Up $0.00
- Platinum, $1,245.50 Up $0.90
- Palladium, $821.70 Up $0.30
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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
