Daily Gold & Silver Market Report – 6/2/2015
Lorrie Freeman
6/2/2015 4:25:00 PM
Weak Data Boosts Gold; Second Quarter May Delay Rate Hikes
Gold increased Tuesday due to disappointing U.S. data and Greece’s debt crisis. Gold had climbed above $1,200 per ounce for the first time in a week but dropped due to mixed U.S. economic data and expectations the Federal Reserve will increase interest rates later this year. “It’s definitely, in my opinion, a reflection of the euro-dollar developments of today,” Sprott Assett Management USA Precious Metal strategist Trey Reik said. “I am a bit concerned that Gold’s not doing a little better today because these are fairly ideal conditions. Gold markets are very fragile and shallow right now.” The euro gained against the dollar on expectations that Greece would reach an agreement with its creditors.
Federal Reserve Governor Lael Brainard said according to economic data, the U.S. will not see a significant second quarter rebound. However, Brainard also said this may not fully eliminate the possibility of a 2015 rate hike. “No doubt, bad weather, port disruptions, and statistical issues are responsible for some of the softness in first-quarter indicators of aggregate spending,” Brainard said at the Center for Strategic and International Studies in Washington, D.C. “But there may be reasons not to ignore the recent readings entirely.”
At 5:24 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,195.40 Up $4.50
- Silver, $16.86 Up $0.10
- Platinum, $1,113.40 Down $8.20
- Palladium, $768.70 Down $5.00
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
