Daily Gold & Silver Market Report – 2/12/2015

Marcey Hollon

2/12/2015 11:51:00 AM

GOLD UP ON WEAKER DOLLAR; U.S. ECONOMY STARTING SOFT

Rebounding from a five week low, Gold rose Thursday on news of an easing dollar versus the Japanese yen with more uncertainty over Greece’s debt. The dollar rose to a three week high Wednesday against major world currencies, but fell up to one percent versus the yen Thursday due to reports that more monetary stimulus from the Bank of Japan would be counterproductive. Macquarie analyst Matthew Turner said, "There is a great deal of uncertainty about the geopolitical and macroeconomic situation and Gold continues to react to developments but as long as the Federal Reserve remains on course for tightening, the underlying trend is downwards."

The U.S. Commerce Department said retail sales only edged up 0.1 percent in January after a 0.3 percent drop in December, suggesting the economy started the first quarter on a softer tone. Millan Mulraine, deputy chief economist at TD Securities in New York, said, "Overall, the tone of this report was disappointing as it points to a weak start to spending activity this year, despite the significant boost to disposable income from lower gasoline prices." Wall Street expected an increase of 0.4 percent for core retail sales in January, and soft numbers may lead economists to trim forecasts on first quarter GDP growth.

At 12:52 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,223.20 Up $1.00
• Silver, $16.86 Up $0.02
• Platinum, $1,200.90 Up $4.30
• Palladium, $773.50 Up $6.00

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