Daily Gold & Silver Market Report – 5/21/2015
Jennifer Carter
5/22/2015 12:31:00 PM
DOLLAR STALLED, GOLD NOT READY TO RALLY
Gold spot rose 0.5 percent to $1,211.98 an ounce by 10:01 GMT. It was down 0.8 percent for the week as it is heading for its biggest fall since the week ended April 24 and 1.5 percent below a three-month high of $1,232.20 hit May 14. This is not likely to change in view of the upcoming holiday weekend and the ever-looming interest rate hike. Danske Bank senior analyst Jens Pedersen said, "There is consensus among analysts that the rate hike is now being pushed back to September, but the risk is the Fed will postpone the rate hike towards the end of the year or even the beginning of 2016, which could be supportive."
Stocks Friday are on track to close near record highs. U.S. futures pointed to a slightly positive open on Wall Street, after the S&P 500 hit an all-time high Thursday. Federal Reserve Chair Janet Yellen will take center stage later Friday. Earlier this week, Federal Reserve meeting minutes appeared to push the timing of the first U.S. rate hike out to late 2015 while the ECB's Benoit Coeure said the euro zone bank could increase its bond purchases in the near term.
At 12:30 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,208.60. Up $1.70
- Silver, $17.21 Up $0.01
- Platinum, $1,149.90 Down $3.40
- Palladium, $785.00 Up $6.90
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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
