Daily Gold & Silver Market Report – 4/13/2015

Paul Stevens

4/13/2015 9:39:00 AM

METALS DOWN AS U.S. DOLLAR GAINS

Precious Metal prices are slightly lower during morning trading hours, continuing their recent trend of give and take. A rise in the U.S. dollar provided a new round of pressure on metals as investors speculate on the timing of a U.S. Federal Reserve rate hike.  Bank of America Merrill Lynch strategists wrote Monday, “Despite falling and negative rates in large parts of the world, a sustained rally has so far not happened, because the Fed has remained steadfast on normalizing policy rates, with all the implications this has, for instance on the U.S. dollar.”  Closely watched economic data will be released this week and could affect pricing. 

Although oil has been down recently, Brent crude received a boost and rose toward $59 a barrel Monday, on falling U.S. rig counts and a slowdown in production. Saxo Bank head of commodity strategy Ole Hansen said, “The U.S. rig count once again focused people's minds on the imminent reduction of production. The market is choosing to not focus on the ample supply we have at the moment.”

At 10:38 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,202.40 Down $4.90
• Silver, $16.42 Down $0.06
• Platinum, $1,152.60 Down $19.00
• Palladium, $781.40 Up $3.40