Daily Gold & Silver Market Report – 6/12/2015

Jennifer Carter

6/12/2015 10:13:00 AM

STRONG U.S ECONOMY WEAKENS GOLD

Gold is down Friday morning on the U.S. economy’s continued momentum.  A strong economy means a U.S. Federal Reserve interest rate increase is even more likely.  "The closer we get to this expected U.S. interest rate hike, the lower the price of Gold will get ... we still have space for more losses until September, when the first rate hike should happen," Natixis analyst Bernard Dahdah said. Gold gained no support from European equities and deteriorating Greek debt talks, as the International Money Fund said Thursday its delegation left negotiations with Athens after major differences.

U.S. bonds remain flat following the release of May’s U.S. producer price index, which rose more than analysts expected. "Continued income gains and better labor markets suggest consumer fundamental remain solid, yet we expect sentiment to have slipped a bit in early June," Barclays Research analysts Nikolaos Sgouropoulos and Siddhartha Sanyal said in a note Friday. Both Brent and WTI crude oil prices continued their decline Friday, falling near 1 percent on reports the Organization of the Petroleum Exporting Countries (OPEC) was pumping more oil than its quota indicated.

At 10:11 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,184.50 Up $1.00
• Silver, $16.01 Down $0.08
• Platinum, $1,101.20 Down $5.00
• Palladium, $741.00 Down $3.90

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