Daily Gold & Silver Market Report – 7/30/2015

Marcey Hollon

7/30/2015 10:36:00 AM

GOLD FALLS AS DOLLAR RISES; CONSUMER SPENDING BOLSTERS SECOND QUARTER GROWTH

Expectations for the Federal Reserve raising interest rates this year were supported by data released by the U.S. Commerce Department showing gross domestic product grew at a 2.3 percent annual rate in the second quarter. Spot Gold dropped 1.3 percent to a session low of $1,081.85 per ounce. Policymakers said the U.S. economy was “expanding moderately” and overcame the first quarter slowdown. “$1,080 and $1,050 [per ounce] are critical technical support levels. I don't know if there are big stops below there but the market is nervous about a further bear raid and prices remain under pressure,” bullion broker Sharps Pixley Chief Executive Officer Ross Norman said. The focus is now back on the strength of the dollar, which is expected to continue until a rate hike occurs.

Strong consumer spending helped U.S. economic growth in the second quarter, which may mean a rate hike on the horizon. The Federal Reserve has said labor and housing markets have shown “additional” improvement and the economy is expanding. Accounting for more than two-thirds of the economy, consumer spending grew with help from cheaper gasoline costs and a strengthening labor market. As prices for U.S. Treasury debt were down slightly, the dollar maintained strength against a basket of currencies.

 

At 11:36 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,095.10 Down $1.20
• Silver, $14.87 Up $0.01
• Platinum, $990.20 Up $4.30
• Palladium, $624.00 Up  $5.40

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