Daily Gold & Silver Market Report – 3/10/2015
Lorrie Freeman
3/10/2015 3:42:00 PM
GOLD DOWN AGAINST STRONG U.S. ECONOMY, DOLLAR
The Gold price has decreased to its lowest price in three months due to newfound life in the U.S. economy. The safe haven appeal for Gold may further dampen if U.S. interest rates are hiked earlier than expected. This potential has hurt the Gold market for more than a year. Friday saw a steep decline in Gold linked to positive U.S. non-farm payrolls data. “While a rising rates environment bodes ill for Gold, its sensitivity to Friday’s data highlights that, the Gold market at least, has not fully priced in a rate hike,” Barclays analysts said in a note. The strength of the dollar, which is at an 11-year high against other major currencies, is also pressuring Gold.
U.S. crude futures dropped below $50 per barrel and Brent crude fell more than 2 percent, near $57. Concerns over Greece helped drive the S&P 500 to a one-month low in early trading Tuesday. Negotiations to prevent Greece from declaring bankruptcy and abandoning the euro begin Wednesday in Brussels.
At 4:44 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,164.40 Down $5.30
- Silver, $15.73 Down $0.14
- Platinum, $1,131.10 Down $19.50
- Palladium, $803.50 Down $20.40
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
