Daily Gold & Silver Market Report – 1/28/2015
Brandi Brundidge
1/28/2015 11:05:00 AM
METALS LINGER AHEAD OF FOMC STATEMENT; OIL FUTURES REMAIN DOWN
Gold and Silver are slightly pressured ahead of the Federal Open Market Committee (FOMC) statement today following the Federal Reserve’s two-day policy meeting. Policymakers are expected to reinforce their patient approach to increasing interest rates due to recent financial global economic concern. “I think it'll be mostly a non-event. The Fed will probably stick to the status quo and if that proves to be true then Gold should continue to hover between $1,270 and $1,290 [per ounce] in the near term,” Phillip Futures investment analyst Howie Lee said. It is believed that the U.S. Central Bank is apprehensive of hiking interest rates due to a stronger U.S. dollar plus falling oil prices, which could keep inflation readings low.
Oil futures fell today with a stronger U.S. dollar, a forecast downgrade and U.S. inventory figures showing an increase in crude supplies over last week’s projections. The American Petroleum Institute reported Tuesday that U.S. crude oil supplies increased by 13 million barrels over the past week, while analysts had set an outlook of 3.5 million barrels. “Fundamentals are set to weaken in the first half of the year, dragging prices lower than previously forecast. We assume that OPEC will maintain its position, non-OPEC supply growth will stay firmly in positive territory, and oil consumption will be slow to respond to lower prices,” the analysts said in a Platts report.
At 12:04 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,288.50 Down $5.90
- Silver, $18.13 Up $0.00
- Platinum, $1,259.50 Down $4.80
- Palladium, $795.40 Up $13.70
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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
