Daily Gold & Silver Market Report – 5/26/2015
Paul Stevens
5/26/2015 12:28:00 PM
METALS DOWN AS DOLLAR SOARS
Precious Metal prices are on the decline through morning trading as the dollar extends its gains. Recent comments from Federal Reserve Chairwoman Janet Yellen reinforcing the central bank’s plan to tighten its monetary policy, along with strong U.S. economic data, have supported the greenback while pressuring metals. Gold’s historical inverse correlation with the dollar is gaining strength, as Barclays said in a note, “We maintain the view that the third quarter is likely to be the weakest quarter for Gold, given that we expect the Fed to start increasing rates in September, but the potential downside is likely to be limited.”
As the dollar soared Tuesday morning, U.S. stocks saw their steepest decline in three weeks. Consumer confidence, housing prices and business investments helped the dollar but hurt companies already in a fragile position. Rick Fier, director of trading at Conifer Securities in New York, said, “A strong dollar is going to hurt exports and the revenue line of companies, which wasn't strong to begin with.”
At 1:28 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,189.70 Down $17.10
- Silver, $16.82 Down $0.30
- Platinum, $1,125.40 Down $24.20
- Palladium, $782.60 Down $3.40
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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
