Daily Gold & Silver Market Report – 8/13/2015
Marcey Hollon
8/13/2015 11:09:00 AM
GOLD DIPS ON BOOSTED DOLLAR; INTEREST RATES MAY INCREASE TWICE THIS YEAR
Gold is down Thursday on strong U.S. data that boosted the dollar’s strength as concerns eased over China devaluing its currency. While the Chinese yuan was down for a third day, the People’s Bank of China stated there is no need for further depreciation. This news caused European shares to rally. “Today the dollar is (strengthening), and the set of data from the U.S. was quite good, which again probably increases somewhat the probability of a (near term) rate hike,” Commerzbank analyst Eugen Weinberg said. “Therefore, it's pushing Gold prices lower.”
A Reuters survey shows many economists believe the U.S. Federal Reserve will raise interest rates very soon, with some believing the first hike could be as soon as next month, followed by a second by the end of this year. Solid economic data lends strength to the likelihood of the rate increase. “Monetary policy will still be very accommodative even after the first couple of Fed rate hikes,” Raymond James & Associates chief economist Scott Brown said. “Raising rates will be a sign that the Fed believes the recovery has made substantial progress and will continue to improve.”
At 12:08 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,118.20 Down $8.30
- Silver, $15.55 Down $0.04
- Platinum, $995.60 Down $5.30
- Palladium, $622.50 Down $4.60
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.
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
