Daily Gold & Silver Market Report – 8/14/2015
Jennifer Carter
8/14/2015 9:53:00 AM
GOLD IS UP, ON TRACK TO OVERCOME LOSING STREAK
Gold is up Friday. Investors are weighing the impact of China’s currency and the first U.S. interest rate increase in nearly a decade. Gold spot was up 0.3 percent at $1,118.17 an ounce by 1018 GMT, after hitting $1,126.31 Thursday, its highest since July 20. Thursday's drop ended Gold’s five-day rise, its longest rally since May. "The PBOC (People's Bank of China) participating in this devaluation war was seen as positive for Gold," Commerzbank analyst Eugen Weinberg said. "People's perception that this devaluation could impact the timing of the rate hike in the U.S., therefore pushing the dollar lower, is also seen as a Gold-supportive factor."
Spot Gold was up nearly 2 percent this week coming after the seven week decline it was facing. Gold "will be looking for support around $1,110, while $1,120-$1,125 should cap any moves higher unless we see further yuan depreciation”, MKS Group said in a note. China's Gold demand this year is expected to at least hold steady with last year at just under 1,000 tons and will not likely be dented by the currency devaluation, according to the World Gold Council.
At 9:50 A.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,120.90 Up $2.20
- Silver, $15.60 Up $0.09
- Platinum, $1,002.60 Up $6.60
- Palladium, $624.90 Up $5.20
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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
