Daily Gold & Silver Market Report – 8/17/2015
Paul Stevens
8/17/2015 1:00:00 PM
PRECIOUS METALS GAINING AS INVESTORS TAKE IN U.S. DATA AND BANGKOK BLAST
Precious Metals prices are on the rise during trading hours Monday morning as they continue to build on the rise seen at the end of the prior week. Weaker-than-expected U.S. data along with the devaluation of China’s yuan is weighing on the U.S. dollar while providing a boost to Precious Metals. Recent news out of China may affect the timing of the rate hike by the Federal Reserve. “The likelihood of a September hike has dropped to roughly 40 percent from almost 50 percent in the morning,” said Commerzbank analyst Carsten Frissch.
A bomb went off late Monday afternoon at one of Thailand’s most renowned shrines, killing 16 and shaking the region and investors around the world. Defense Minister Prawit Wongsuwan told Reuters, “The perpetrators intended to destroy the economy and tourism, because the incident occurred in the heart of the tourism district.” The news could cause some movement in Gold which has historically gained during times of economic and political turmoil.
At 1:58 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,120.60 Up $4.80
- Silver, $15.40 Up $0.08
- Platinum, $1,000.80 Up $5.80
- Palladium, $617.80 Down $3.80
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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
