Daily Gold & Silver Market Report - 6/19/2015

Paul Stevens

6/19/2015 2:47:00 PM

GOLD REACHES THREE WEEK HIGH ON DOVISH FED STATEMENT

Precious Metal prices are holding strong Friday with Gold seeing its second consecutive weekly gain.  As Federal Reserve policymakers take a more dovish stance than expected regarding the progress seen in the economy, Gold reached a three week high as the dollar declined.  ActivTrades chief analyst Carlo Alberto de Casa said, “The boost that Gold got from a more dovish Fed this week slightly improves the technical picture, leaving $1,225 [per ounce]as the next biggest resistance level. ”

Greece’s debt situation continues to affect markets as U.S. Treasury yields and the euro fell on Friday, driving investors to Precious Metals and other safe-haven assets viewed.  Although many believe the country will avoid default, Greece’s exit from the eurozone could be catastrophic. TD Securities deputy head of U.S. strategy Millan Mulraine said, “Right now, what the market has priced in is a reasonably positive outcome, one that would delay any default, but the markets are still nervous and that's what we're seeing in Treasuries right now.”

At 3:45 P.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,203.00 Down $1.90
• Silver, $16.18 Down $0.09
• Platinum, $1,085.90 Up $2.10
• Palladium, $708.00 Down $12.70

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