Daily Gold & Silver Market Report – 7/29/2015

Brandi Brundidge

7/30/2015 9:29:00 AM

GOLD STABILIZES; FED STATES PLAN TO INCREASE RATES

Gold remained stable Wednesday ahead of the Federal Reserve’s two-day policy meeting statement, when the market anticipates clues on plans to hike interest rates.  “(Gold) bounced from the low but we are little changed and waiting for the Fed's statement tonight and the second-quarter GDP tomorrow. These are the two events that should set direction for the next few weeks,” Societe Generale analyst Robin Bhar said. Recently, Gold reached a 5 1/2 year low due to many factors following a massive selloff in New York and Shanghai.

The Federal Reserve was expected to provide firm evidence Wednesday of a stronger economy pointing toward an increase in interest rates in the coming months. Federal Reserve Chair Janet Yellen did confirm the Fed’s plan to hike rates, but kept the market guessing as to exactly when. There are several employment, inflation and GDP reports due before the Fed’s scheduled September meeting, which could impact the hike if data is weak.  Currently, the unemployment rate is at 5.3 percent, close to what several officials consider full employment. 

At 10:28 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,093.80 Down $2.50
• Silver, $14.88 Up $0.02
• Platinum, $987.80 Up $1.90
• Palladium, $623.70 Up $5.10

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