Daily Gold & Silver Market Report – 5/15/2015
Jennifer Carter
5/15/2015 9:14:00 AM
GOLD SOFTENS AS DOLLAR FIRMS
Gold fell from a three month high Friday but is up overall on the looming interest rate hike and the dollar recovering from a three month low against the euro. Spot Gold was down 0.6 percent to $1,214.10 an ounce, while U.S. Gold futures for June delivery were down $11.10 an ounce. “Gold coming off today may be a bit of profit-taking on the move of the past couple of days ahead of data releases later, on the expectation that they could possibly be better than expected,” Citi analyst David Wilson said.
Brent crude oil steadied below $67 per barrel Friday as a growing supply is boosting worldwide inventory. Market forecasters report OPEC producers are pumping two million barrels per day more than required, ensuring a shortage is unlikely in the near future barring an unexpected interruption to production. "We have an oversupply of more than 2 million [barrels per day], almost 3 million bpd. It must weigh on the market," Weinberg said.
At 10:14 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,224.90. Down $3.10
- Silver, $17.63 Up $0.11
- Platinum, $1,172.10 Up $8.70
- Palladium, $791.20 Up $9.70
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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
