Daily Gold & Silver Market Report – 6/8/2015
Paul Stevens
6/8/2015 12:57:00 PM
GOLD UP AS U.S. DOLLAR, WORLD STOCKS STRUGGLE
Precious Metal prices are on the move Monday morning, with Gold moving up from its lowest point since March, on a dipping U.S. dollar. Although Gold is showing some strength, many analysts are eyeing the next support level. Saxo Bank senior manager Ole Hansen said, “We managed to claw back and close above $1,170 [per ounce] on Friday and today the market took a little bit of comfort from a slightly weaker dollar.”
Stocks around the world declined Monday as investors worry over Greece and a U.S. interest rate hike, and the dollar continues falling. The Greece situation will be closely watched as the country’s bailout expires at the end of June. However, a U.S. interest rate hike could have a larger effect on investor sentiment. Scott Brown, chief economist at Raymond James in St. Petersburg, Florida, said, “There are concerns that the [U.S. Federal Reserve] will be more aggressive regarding the timing of the hike and a steeper hike following the first one.”
At 1:56 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,176.40 Up $5.30
- Silver, $16.07 Down $0.02
- Platinum, $1,104.90 Up $11.90
- Palladium, $747.10 Down $5.80
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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
