Daily Gold & Silver Market Report – 2/13/2015
Jennifer Carter
2/13/2015 9:11:00 AM
GOLD REBOUNDS ON WEAKER DOLLAR
Gold is on the rise Friday due to expectations of higher U.S. interest rates and a possible deal in Greece. With weak retail sales and jobless claims, Gold is in a holding pattern. An ING Bank senior strategist said, “We are in a holding pattern between $1,150 and $1,300 [per ounce] just because there isn't enough clarity around when the [U.S. Federal Reserve] is going to be hiking interest rates and what is going to be happening with Greece.”
Oil closed at a six year low in January but is slowly rising. Oil companies have idled 151 rigs in five shale formations, but it is not enough to stall the growth. “The shales are where the growth is coming from in the U.S., so that’s where the slowdown has to come from,” Wunderlich Securities Inc. analyst Jason Wangler said. The five shale formations will expand oil production by 289,890 barrels a day in the first quarter of 2015, which is 3.4 percent more than the first quarter of 2014.
At 10:10 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,236.00 Up $12.70
- Silver, $17.45 Up $0.57
- Platinum, $1,213.90 Up $12.40
- Palladium, $789.00 Up $14.30
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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
