Daily Gold & Silver Market Report – 8/3/2015

Paul Stevens

8/3/2015 11:50:04 AM

METALS CONTINUE SLIDE AS INVESTORS AWAIT ECONOMIC DATA

Precious Metal prices slid Monday morning as the dollar steadied and continued pressuring the metal. As investors continue monitoring the economic environment, many look to Friday’s release of payroll data for more direction. A strong report could bolster speculation the U.S. Federal Reserve will execute its first interest rate hike in nearly a decade in September. Julius Baer commodity analyst Warren Kreyzig said, “It is difficult for Gold in this environment where the outlook is for rising U.S. rates.”

The  Greek debit crisis, Chinese stock market meltdown and slumping oil prices have recently dominated news and affected commodities markets around the world. Investors haven’t been comfortable investing in these regions due to recent struggles. However, eurozone factory activity showed healthy growth for July and has some economists in the region hoping for brighter days.  Chris Williamson, chief economist at survey compiler Markit, said, “Policymakers will be reassured by the robust growth rates seen in these countries and the resilience of the manufacturing sector as a whole. Growth is likely to pick up again now that Greece has jumped its latest hurdle.”

At 12:49 P.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,093.60 Down $4.70
• Silver, $14.64 Down $0.23
• Platinum, $967.00 Down $19.00
• Palladium, $606.80 Down  $7.10

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