Daily Gold & Silver Market Report – 3/17/2015
Lorrie Freeman
3/17/2015 12:08:00 PM
Gold Hits Another Low Awaiting Fed Meeting
Gold opened on a four-month low Tuesday as investors nervously await the U.S. Federal Reserve policy meeting that could support a mid-year rise in interest rates. The Gold price fell to $1,142.86 an ounce, its lowest since November 7. Fed policymakers start the two-day meeting Tuesday afternoon and rate increases are expected to be the topic. The likely increase will put the Fed a step closer to the first rate increase since 2006. “We do you [sic] expect Gold to fall further if the Fed removes the word ‘patient’ from their statement and the trading action could be very volatile for investors,” AvaTrade chief market analyst Naeem Aslam said. “The low for Gold could be (around) $1,058 [per ounce].”
Brent crude oil prices pared losses in turbulent trading Tuesday. The good news is that it remained at its lowest levels since early February as traders focus on supply woes. The rise of U.S. crude oil stocks, an increase in Libyan oil production and the chance of an agreement with the West that could ease sanctions on Iran all pulled prices lower. “OPEC [Organization of the Petroleum Exporting Countries] members are still staunchly producing … and demand from Europe and China are really struggling to pick up,” Financial senior research analyst Kash Kamal said. “The overall tone is quite bearish.”
At 2:29 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,150.40 Down $6.20
- Silver, $15.64 Down $0.07
- Platinum, $1,097.70 Down $13.20
- Palladium, $763.80 Down $17.30
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
