Daily Gold & Silver Market Report – 6/11/2015
Marcey Hollon
6/11/2015 12:01:00 PM
GOLD SNAPS 3 DAY RALLY; U.S. RETAIL BOOSTS GROWTH OUTLOOK
Expectations of the Federal Reserve raising interest rates this year have pressured bullion as an increase could strengthen the dollar and raise the cost of holding non-yielding Gold. The dollar is up Thursday awaiting key U.S. economic data while a European stock rally have Gold prices falling, breaking any gains over last three days. Analysts expect strong U.S. retail data, which will boost the dollar and further pressure Gold. "The rally of the last couple of days has been sold into today, and that has put us back into an even tighter range of $1,180-1,190 [per ounce]," Mitsubishi analyst Jonathan Butler said. "Expectations of what the Fed is going to say next week will probably be driving some positioning early next week. … We have U.S. retail sales, and [Producer Price Index] data is out tomorrow. As long as there are no downside surprises, Gold is probably going to remain in that range."
Purchases for automobiles and other goods has produced a surge in U.S. retail sales and is the latest sign the U.S. economy is gaining momentum. Signs of a strengthening economy could prompt the Federal Reserve to increase interest rates in September. "Today's data, including the trend-like jobless claims number, keep September firmly in place as a credible option for the Fed," Miller Tabak Asset Management chief economic strategist Anthony Karydakis said. News of the retail sales data has the dollar rallying against a basket of currencies.
At 1:00 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,182.10 Down $7.50
- Silver, $16.05 Down $0.03
- Platinum, $1,104.90 Down $11.30
- Palladium, $745.10 Down $0.40
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.
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
