Daily Gold & Silver Market Report 4/23/2015
Marcey Hollon
4/23/2015 11:58:00 AM
GOLD EDGES UP ON SOFT DOLLAR; WALL STREET FLAT
Gold edged above a three-week low Thursday after healthy U.S. housing data boosted expectations of a U.S. Federal Reserve interest rate increase. Data showing U.S. home sales climbed to an 18-month high caused the dollar to struggle and have many expecting an increased rate as early as June. A move by the Fed would provide more pressure on Gold. “On the one hand, you are seeing some geopolitical support, limiting any downside. On the other, the U.S. interest rates story supports the dollar,“ Citi strategist David Wilson said.
A combination of soft data from the U.S., Europe and China and disappointing earnings forecasts left Wall Street with little changes Thursday. April’s eurozone business activity slowed more than expected and manufacturing in the top two Asian economies dropped suddenly, leaving policymakers less clear on the global recovery path. Brent and U.S. crude saw futures rise more than three percent on serious concerns over the security of the Middle East oil supply as the civil war in Yemen continues to escalate. “The energy markets flattened out over the last month and it actually appears that you will probably see stronger energy prices,” Advisors Asset Management CEO Scott Colyer said.
At 11:56 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,194.00 Up $3.90
- Silver, $15.90 Down $0.01
- Platinum, $1,137.10 Up $6.40
- Palladium, $770.40 Up $12.40
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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
