Daily Gold & Silver Market Report – 2/25/2015
Brandi Brundidge
2/25/2015 1:07:00 PM
FED POSTPONES HIKING INTEREST RATES; OIL PRICES RALLY
The Federal Reserve announced Wednesday they're in no hurry to increase interest rates, which weighed on the dollar and in turn supported Precious Metals prices across the board, with Silver up more than three percent and Palladium reaching a six-week high. The Precious Metals market also welcomed back Chinese buyers following the Lunar New Year holiday, which drove premiums up on the Shanghai Gold Exchange. “China returned from their Lunar New Year holidays today and we saw strength across the board for the Precious Metals. Good demand (was) evident throughout the entire first session after the week-long break,” MKS said in a note.
Brent crude oil prices have stabilized a bit, reaching $60 a barrel following a report showing Chinese factories were overproducing. Saudi Arabia’s oil minister Ali al-Naimi also confirmed a growing demand. The United States is the largest user of oil, with China coming in second, so minor changes with U.S. or Chinese demand can swing oil prices. Between June 2014 and January 2015, oil prices fell 60 percent to near $45 a barrel, which was a post-2009 record low.
At 12:34 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,207.10 Up $7.00
- Silver, $16.61 Up $0.33
- Platinum, $1,170.80 Up $7.20
- Palladium, $810.30 Up $17.80
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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
