Daily Gold & Silver Market Report – 3/25/2015
Brandi Brundidge
3/25/2015 9:32:00 AM
ANALYSTS FORECAST GOLD TO REACH $1,300; OIL PREDICTED TO INCREASE IN 2016
Gold is trading at a 2-1/2 week high as the market anticipates the U.S. Federal Reserve will not increase interest rates until September compared with the prior probability of June. “For the rest of this month, markets (will be) adjusting to the reality that the Fed is more dovish than previously expected,” Phillip Futures analyst Howie Lee said, adding this would push Gold higher. The predictions are optimistic for the yellow metal as Bank of America Merrill Lynch head of global technical analysis MacNeil Curry confirmed Tuesday on an episode of CNBC’s “Futures Now.” Curry explained a correction in the dollar in the upcoming weeks, plus declining yields on Treasurys, could provide Gold the opportunity to break above the $1,300 per ounce level in May. “Rates are headed lower, and the dollar is likely to remain in a corrective sequence in general,” Curry said. “Gold should rally in that environment.”
Crude oil prices have fallen more than 60 percent since last summer with less demand in Asia and Europe along with increased production in North America. Oil prices are believed to reach $100 a barrel by next year, according to oil tycoon and BP Capital chairman T. Boone Pickens. Oil prices closed Tuesday around $47.40 a barrel.
At 10:30 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,201.00 Up $6.60
- Silver, $17.13 Up $0.07
- Platinum, $1,149.90 Up $5.90
- Palladium, $766.30 Up $0.60
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.
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
