Daily Gold & Silver Marker Report – 8/19/2015

Brandi Brundidge

8/19/2015 10:13:00 AM

GOLD RISES AHEAD OF FED MINUTES

Precious Metals prices rose Wednesday morning as investors moved out of the dollar ahead of the Federal Reserve policy meeting minutes and U.S. inflation data. The market anticipates signs on when the Fed will increase interest rates. However, some believe it may not happen as quickly as planned, due to global influences. Last week, China devalued the yuan and concern continues over global stability with mixed data and financial issues. Glencore, a miner and commodities trader who considered closing its South African Eland Platinum mine as prices have dropped, reported a 29 percent drop in Q1 and Q2 earnings Wednesday. "The mine produced about 35,000 ounces of Platinum in 2014, but was expected to expand significantly," Macquarie said in a note.

Allianz Global Investors strategist Kristina Hooper suggested on CNBC’s “Squawk Box” that Federal Chair Janet Yellen is unlikely to provide a hint for a possible interest rate hike at next month’s Federal Open Market Committee meeting.  "We think we could see some downward volatility," Hooper said. "Our expectation is that there could very well be a mismatch between market expectations and what the Fed actually does, and that could create opportunities for those who are looking long term and need more equity exposure."

At 1:58 P.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,130.80 Up $10.80
• Silver, $15.28 Up $0.39
• Platinum, $1,009.20 Up $14.10
• Palladium, $608.70 Up $7.70

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