Daily Gold & Silver Market Report – 5/13/2015
Brandi Brundidge
5/13/2015 12:39:00 PM
WEAK U.S. DOLLAR DRIVES GOLD, CRUDE OIL
Gold jumped two percent Wednesday morning, moving beyond $1,200 an ounce in reaction to the U.S. dollar reaching a three-month low. "The dollar's weakening has been instrumental to the latest move higher and of course the view that the [U.S. Federal Reserve] is less likely to raise interest rates next month after weak economic data," ActivTrades chief analyst Carlo Alberto de Casa said. Fed officials have not provided clear direction for when interest rates could be increased, but with recent U.S. economic data, the market expects it has been pushed back for now. "A close above technical resistance at $1,215 could help Gold exiting the narrow trading range between $1,175 and $1,225 the metal has been confined over the past ten weeks," de Casa added.
A weaker U.S. dollar assisted oil prices Wednesday, pushing trades to their highest point for the year. U.S. oil production hasn’t come to a complete halt, though supply has decreased as oil producers attempt to battle the major price decline. OPEC, the Organization of the Petroleum Exporting Countries, is expected to begin production again as Iraqi crude exports were interrupted during Q1 due to severe weather. Both Russia and Saudi Arabia oil exports are increasing as both producers are providing more than 10 million barrels a day.
At 11:55 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,220.80. Up $25.20
- Silver, $17.29 Up $0.69
- Platinum, $1,151.00 Up $17.00
- Palladium, $790.90 Up $3.80
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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
