Daily Gold & Silver Market Report – 4/8/2015
Brandi Brundidge
4/8/2015 10:11:00 AM
GOLD HOLDS ABOVE $1,200 AN OUNCE; FED MINUTES RELEASED TODAY
The U.S. Federal Reserve plans to release its March policy meeting minutes Wednesday, and investors anticipate remarks regarding when interest rates may increase. Gold is holding strong above $1,200 an ounce after soaring following the holiday weekend and Friday’s worse-than-expected U.S. nonfarm payrolls report. “We really need to break at least through the $1,220/$1,225 [per ounce] area, or close above the 200-day moving average, which sits a bit higher at around $1,230, to get momentum going,” Societe Generale analyst Robin Bhar said. An interest rate hike is still unclear with the Fed constantly adjusting the timeframe. Various Fed presidents have also come forward saying the Fed should postpone any increase.
Federal Reserve governor Jerome Powell shared his beliefs on increasing interest rates Wednesday at the Council on Foreign Relations in New York City. “Despite slowing in March, job creation has been particularly strong over the past two years,” he said. “[But] the unemployment rate probably understates the amount of slack still remaining in the labor market.” Instead of hitting the economy all at once, Powell suggests moving steadily, explaining, “If the economy improves faster or inflation increases more than expected, it will be appropriate to raise rates faster. And if economic performance disappoints or inflation remains lower than expected, it will be appropriate to delay liftoff or raise rates more slowly thereafter.”
At 11:15 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,206.90 Down $6.40
- Silver, $16.65 Down $0.29
- Platinum, $1,165.20 Down $10.20
- Palladium, $759.50 Down $11.60
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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
