Daily Gold & Silver Market Report – 8/5/2015
Brandi Brundidge
8/5/2015 10:19:00 AM
GOLD MOVES ON WEAK DOLLAR; FED SHARES THOUGHTS ON RATE HIKE
A weaker dollar boosted Gold Wednesday morning after a payrolls processor reported U.S. private employers hired only 185,000 workers in July, which was the lowest since April. Gold neared a 3 1/2 month high as the dollar fell 0.17 percent against other major currencies. The market is eyeing Friday’s non-farm payrolls report to understand how well the U.S. economy is performing. The data will provide additional answers for those wondering if the U.S. Federal Reserve will increase interest rates in the near future, as the unemployment rate plays a major role in the Fed’s decision.
Federal Reserve Governor Jerome Powell, who votes on the Fed's policy-setting Federal Open Market Committee, shared his opinions with CNBC regarding hiking interest rates for the first time in nine years. Powell conveyed his decisions are based on economic data and once rates are increased, he believes they should be low in the beginning. “We've waited and I think been patient. And I think that's the right thing to do. I think the time is coming” for a rate hike, he concluded.
At 11:20 A.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,087.20 Down $6.80
- Silver, $14.65 Down $0.03
- Platinum, $950.70 Down $8.80
- Palladium, $597.40 Down $5.30
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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies
