Daily Gold & Silver Market Report – 3/24/2015
Lorrie Freeman
3/24/2015 2:17:01 PM
Rate Increase Speculation Boosts Gold; Dollar, Euro rally
Gold steadied below the 2-1/2 week high Tuesday and is headed for its fifth session of gains on expectations that a U.S. interest rate hike could be delayed until September. The price of Gold was set to post its longest winning streak since January 2014. Investors have rushed toward bullion the past few days because of a slumping U.S. dollar. “The dollar remains the main factor which is driving the Gold price and traders will be looking very closely towards (Fed officials’) comments to gauge when and how rapid the rate hike will be,” online broker AvaTrade chief market analyst Naeem Aslam said.
European stocks held close to record highs as a stronger-than-expected manufacturing survey showed eurozone factory business hitting a four-year-high. However, strong U.S. data shifted sentiment back in favor of the dollar. “Any positive surprises from the euro area are further adding to this euro/dollar rally; however we think this is temporary,” Barclays foreign exchange strategist Nikolaos Sgouropoulos said. “We still believe in the dollar strength trend going into the second half of the year.”
At 3:12 pm. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,195.20 Up $4.50
- Silver, $17.04 Up $0.06
- Platinum, $1,141.60 Down $5.40
- Palladium, $767.00 Down $5.70
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
