Daily Gold & Silver Market Report – 3/11/2015

Brandi Brundidge

3/12/2015 9:02:00 AM

PRECIOUS METALS, OIL PRESSURED BY STRONG U.S. DOLLAR

Friday’s better than expected U.S. non-farm payroll figures quickly motivated the market as investors suggested the U.S. Federal Reserve may change its mind and increase interest rates in June rather than later this year. The news has pushed the U.S. dollar to its highest trading point in more than 11 years, pressuring Gold. “Ultimately support is at $1,130 [per ounce], which is around last year's lows, but it's hard to argue against the short-term downtrend established since the end of January,” Mitsubishi Corp strategist Jonathan Butler said.  Other metals have also been stressed over a heathy dollar, with Silver at a three-month low and Platinum reaching its lowest point since July 2009.

The amount of U.S. crude oil in storage has increased for the ninth consecutive week, causing the commodity to fall to a five-week low. The U.S. Energy Information Administration report released Wednesday showed crude supplies jumped by 4.5 million barrels for the week ending March 6.  The report reflected an increase in inventory since the week ending January 9. 

At 6:40 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,158.00 Up $4.10
• Silver, $15.59 Up $0.13
• Platinum, $1,123.20 Up $5.80
• Palladium, $793.50 Up $3.10