Daily Gold & Silver Market Report – 6/16/2015
Lorrie Freeman
6/16/2015 4:56:00 PM
Gold Slips; Fed Meets to Determine Rate Hike
Gold slipped Tuesday as the dollar grew stronger following the start of the U.S. Federal Reserve policy meeting. The Greek crisis has also failed to trigger sustained demand for safe-haven assets. “Gold is weaker because people are still thinking that the U.S. economy is recovering,” Citi strategist David Wilson said. “So people are focusing on those positives of the U.S. economy rather than the macro negatives of a Greek exit (from the European Union), given that the Athens crisis has been dragging on for a very long time.”
The Federal Reserve will communicate its interest rate policy plans in this week’s meeting but it will not be surprising if they diverge from those actions later this year, Morgan Stanley senior fixed income portfolio manager Jim Caron said Tuesday. The Fed is expected to keep the option of a September rate hike but Morgan Stanley believes the central bank will only move once this year, likely in December. “I think the Fed will communicate that they’re going to hike two times this year. Whether they do it or not is something that’s going to be more data dependent,” Caron told CNBC’s “Squawk Box” Tuesday, ahead of the two-day Federal Open Market Committee meeting.
At 5:55 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,184.00 Down $4.80
- Silver, $16.10 Down $0.10
- Platinum, $1,080.60 Down $9.00
- Palladium, $735.10 Down $1.10
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
