Daily Gold & Silver Market Report – 3/23/2015
Paul Stevens
3/23/2015 10:52:00 AM
METALS HOLD GAINS AS DOLLAR’S STRUGGLE CONTINUES
Precious Metal prices have seen modest movement Monday as Gold holds near a two week high following three consecutive gains last week. As investors await U.S. economic news later this week, the U.S. Federal Reserve’s dovish stance weighs on the dollar. With many analysts now expecting a rise in interest rates in September rather than June, Gold’s safe haven appeal has been boosted. Phillip Futures analyst Howie Lee, “With the rate hike not expected until September, some unwinding of short positions on Gold are expected and a weaker dollar in the interim is also set to boost demand for Gold.”
As oil prices continued their decline Monday, concerns of a global oversupply have been heightened by continued pumping in Saudi Arabia. This could have a major effect on the commodities market, as Bank of America Merrill Lynch reported, “In the past 15 years, the global economy was defined by rising commodity prices, zero interest rate policy, and a weak USD. This cycle has now gone into reverse with a decelerating industrial economy in China and the rise of U.S. shale. A combination of a strong dollar, higher interest rates and subdued growth may keep commodity prices in check in 2015.”
At 11:50 am. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,188.40 Up $0.60
- Silver, $16.97 Up $0.00
- Platinum, $1,149.20 Up $5.00
- Palladium, $776.20 Down $4.90
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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
