Daily Gold & Silver Market Report – 8/10/2015

Paul Stevens

8/10/2015 10:44:00 AM

GOLD, SILVER CONTINUE RISE AS CHINA STRUGGLES

After sliding to lows not seen in more than five years, Gold and Silver rebounded during morning trading hours Monday, disappointing those preparing for more losses.  Although an expected September interest rate hike from the Federal Reserve and stronger dollar continued providing pressure, disappointing payroll data provided the metals with some support. ABN Amro analyst Georgette Boele said, “Gold had a big move down at the end of July, and since then it has just stayed below $1,100 [per ounce]. Gold prices just need a new acceleration point.  We still expect the interest rates in the U.S., and the dollar, to (provide that).”

Stock markets around the globe rose Monday as investors ignored data pointing toward weakened Asian equities.  Hopes of more stimulus from China’s central bank, along with eurozone analysts suggesting an economic recovery, provided the boost markets have been looking for. Societe Generale senior FX strategist Kit Juckes said, “Expectations of further easing are building and announcements of liberalization have boosted the equity market.”

At 11:44 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,111.00 Up $13.80
• Silver, $15.46 Up $0.52
• Platinum, $990.90 Up $27.70
• Palladium, $616.40 Up $15.40

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