Daily Gold & Silver Market Report – 6/1/2015
Paul Stevens
6/1/2015 11:59:00 AM
METALS GAIN ON SLOWED CONSUMER SPENDING
Precious Metal prices are on the rise during morning trading hours. Investors turned to Gold and Silver on Monday’s weak economic data along with comments by Boston Federal Reserve President Eric Rosengren expressing concern that U.S. economic growth is not strong enough to raise interest rates. Societe Generale analyst Robin Bhar said, “The U.S. data out seems to have weakened the dollar and that gave Gold a bit of a boost.”
As investors take in the economic environment in the U.S. and monitor geopolitical situations around the world, data released Monday showed consumer spending reached its lowest point since January. This news has many disappointed and nervous about the slow pace of recovery in the second quarter. Oxford Economics lead U.S. economist Gregory Daco said in a report said, “The slow start to the second quarter likely means a GDP reading below 2%.”
At 12:59 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,193.30 Up $1.30
- Silver, $16.84 Up $0.04
- Platinum, $1,107.70 Down $4.80
- Palladium, $773.50 Down $4.70
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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
