Daily Gold & Silver Market Report 4/27/2015

Paul Stevens

4/27/2015 11:53:52 AM

METALS BOOSTED AHEAD OF FED MEETING AS GREEK DEBT LOOMS

Precious Metals are gaining momentum during morning trading hours. Gold prices have jumped more than $25 an ounce and Silver has increased nearly $1 per ounce as investors await news from this week’s Federal Reserve policy meeting and continue to monitor Greek debt talks. Many do not expect a U.S. interest rate hike in June but more likely toward the end of the year. ING commodities analyst Hamza Khan said, “Our economists are not really looking for a rate hike in the second quarter any more, or even the third quarter. The consensus is certainly that the dollar is not going to be moving significantly higher as a result of the (Fed meeting) -- it seems more likely that it is going to move lower, which should be bullish for Gold prices.”

Although Greek debt talks have dragged, speculation on an interest rate hike and oil’s continued decline has caused some strategists to believe stocks are still in a position to reach new records. Citigroup chief U.S. equity strategist Tobias Levkovich told Squawk Box, “The notion of U.S. families getting deleveraged because of a $500 dividend from oil prices, that's a warm, cozy feeling for me. We've got job growth. We've got every indication that wage growth is coming now, and even capital spending has been far better than people perceive, and they all just think it's about energy.”

At 12:54 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,209.20 Up $31.10
• Silver, $16.53 Up $0.79
• Platinum, $1,154.20 Up $31.80
• Palladium, $786.10 Up $13.80

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