Daily Gold & Silver Market Report – 7/22/2015

Brandi Brundidge

7/22/2015 1:54:31 PM

METALS PRICES PRESSURED, LOOKING FOR SUPPORT

Gold’s immense decline this week to a five-year low caught the attention of investors. The metal has been pressured recently due to the Federal Reserve’s plans to increase interest rates this year, which would create a stronger dollar. St. Louis Fed President James Bullard says there is a more than 50 percent chance the Fed will increase rates in September. Market analysts suggest the Gold price could increase after the Fed’s interest rate hike is complete. Demand for physical Gold is high, with the U.S. Mint selling 118,500 ounces of American Gold Eagles in July, the highest sales month since April 2013.

Precious Metals struggle to find support on a stronger U.S. dollar and a chance that interest rates will rise in the next few months. “Our next price target is seen at $1,044 [per ounce], the 2010 low, followed by $1,006 [per ounce], the late 2009 high,” technical analysts at ScotiaMocatta said in a note. Gold and Silver are attempting to stabilize after Monday’s large selloff following investors dumping more than $500 million worth of bullion in on the Shanghai Gold Exchange. “Lower lows and lower highs keep this bearish price move in motion. Only a close back above $1,133 [per ounce] will stabilize the metal,” ScotiaMocatta analysts noted.

At 2:54 P.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,095.60 Down $11.60
• Silver, $14.87 Down $0.04
• Platinum, $978.50 Down $6.80
• Palladium, $628.00 Down $3.40

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