Daily Gold & Silver Marker Report – 8/21/2015

Jennifer Carter

8/21/2015 9:00:59 AM

GOLD UP AS RATE INCREASE POSSIBILITY LOSES STEAM

Gold is on track for its biggest weekly gain since January, due in part to China’s weakened financial markets.  As world stocks end their worst week of the year and the U.S. dollar neared an eight-week low, doubts increased that the Federal Reserve will raise interest rates next month. "Everyone's following the Fed, effectively," Natixis analyst Bernard Dahdah said. "A September hike is seen as less likely than it was a week ago... If you look at the interest rate probability according to the Fed fund futures, on August 13 it was showing 50 percent for September, and now it's down to 32 percent. The latest move is related to disappointment in that, and the dollar has weakened, which is related to China."

Gold prices peaked at $1,168.40 an ounce Friday morning before settling at $1,153.42 an ounce, changing little from late Thursday. The metal was up 3.5 percent for the week. Investors are closely watching the Fed following continued bad economic data out of China and Greek Prime Minister Alexis Tsipras resigning Thursday. "Risk aversion is rising again in financial markets, weighing on equities and in turn lifting Gold," Julius Baer said in a note. "Gold could remain supported in the short-term by further short-covering and safe-haven demand."

 

At 9:58 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,159.40 Up $3.10
• Silver, $15.46 Down $0.17
• Platinum, $1,032.30 Down $3.60
• Palladium, $612.80 Down $14.50

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