Daily Gold & Silver Market Report – 3/2/2015
Paul Stevens
3/2/2015 9:11:00 AM
METALS ON RISE AHEAD OF ECONOMIC DATA
Precious Metal prices are on the move Monday morning as Gold rose to its highest level in nearly two weeks. As investors prepare for the release of important economic data this week, Gold received a boost from a surprise move out of China. The world’s second largest Gold market decided to cut interest rates, which in turn lifted Gold’s safe haven demand. Mitsubishi Corp strategist Jonathan Butler said, “Anything that helps stimulate consumer spending is Gold favorable because there are more chances of higher purchases of consumer jewelry and Gold bars.”
As investors continue to digest economic news out of China and await this week’s economic data, oil continues to struggle. Slipping under $61 per barrel, oil prices lost more than 2 percent Monday as the U.S. dollar showed signs of strength and Libya increased its crude oil output. With an over-supply in the market, some analysts are expecting an uphill climb. Commerzbank senior oil and commodities analyst Carsten Fritsch told Reuters Global Oil Forum, “All in all the market is still over-supplied by a wide margin. We expect Brent [crude] to come under pressure again in Q2.”
At 10:11 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,214.60 Down $1.10
- Silver, $16.62 Up $0.00
- Platinum, $1,189.50 Up $2.90
- Palladium, $828.50 Up $8.00
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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
