Daily Gold & Silver Market Report 4/21/2015
Lorrie Freeman
4/21/2015 4:00:00 PM
Gold stresses over Dollar; Rate hike likely
Gold remained below $1,200 an ounce Tuesday following its biggest one-day drop in a week, remaining under stress as the dollar rose and a rally in global equities diverted interest from the Precious Metal. European stocks rose nearly 1 percent after a strong session in Asia, as positive corporate earnings and China’s latest step to boost its economy pushed equities higher. “Gold was being weighed down yesterday by the firmer dollar and the rising equity markets, and these two factors are preventing Gold from regaining the $1,200 mark this morning,” Commerzbank analyst Daniel Briesemann said. “The directionless trading that we’re currently seeing will probably continue for the time being. I don’t see the move below $1,200 triggering anything more spectacular.”
The U.S. Federal Reserve’s decision to raise interest rates, which are currently near zero, will be determined by economic performance. “We have to see what unfolds,” New York Fed President William Dudley said at the Bloomberg Americas Monetary Summit, repeating cautious optimism the U.S. economy will continue expanding, saying the data will “hopefully” support the expected rate hike this year. But “the timing of normalization remains uncertain because how the economy evolves is also uncertain,” he added.
At 4:58 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,204.90 Up $8.20
- Silver, $16.09 Up $0.10
- Platinum, $1,150.70 Down $0.90
- Palladium, $771.00 Down $3.40
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
