Daily Gold & Silver Market Report 4/28/2015

Lorrie Freeman

4/28/2015 4:18:00 PM

Greek Policy Criticized; Gold Hits Three-Week High

Gold increased nearly one percent Tuesday after less than ideal U.S. data hit the dollar and weakened talks that the U.S. Federal Reserve will raise interest rates in the coming months. The yellow metal rose to a three-week high after data showed U.S. consumer confidence in April dropped to its lowest level since December. “Market participants are focusing on the Fed meeting on hopes of some hints on when the Fed will raise interest rates… However, I don’t think we will get any surprising news tomorrow,” Commerzbank analyst Daniel Briesemann said. “Traders will continue to look at the data, which has been quite weak lately.”

Deutsche Bundesbank President Jens Weidmann criticized Greece’s government for failing to implement reforms and said bankruptcy for a eurozone country is possible. “Member states must take responsibility for the consequences of their political decisions. There must be a match between control and liability,” Weidmann said in a speech in Essen. “It is decisive that a functioning administration is established in Greece to move the economy and the state’s finances onto a sustainable course and, most importantly, that trust is built in a reliable course of reform.”

At 5:17 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,214.40 Up $8.10
• Silver, $16.70 Up $0.20
• Platinum, $1,158.50 Up $4.10
• Palladium, $778.20 Down $6.30