Daily Gold & Silver Market Report – 8/27/2015

Marcey Hollon

8/27/2015 10:46:00 AM

GOLD ARRESTS 3-DAY SLIDE AS TALK OF IMMINENT RATE HIKE FADES

Speculation that a U.S. interest rate increase may come later than expected helped steady Gold. After a U.S. policymaker said the case for a September rate hike “seems less compelling” than a few weeks ago, European shares increased 2.6 percent. “The market is very nervous,” MKS Head of Trading Afshin Nabavi said. “A lot of people are going to sit on the sidelines after covering their short (positions) to see what will happen in September, and the tone of the Federal Open Market Committee, before making any decisions.” Platinum rose 1.1 percent while Silver rebounded 0.8 percent after this week’s slide. UBS reported that while charts look worrisome, the market may be nearing a bottom.

The U.S. economy grew faster than expected in the second quarter, as the GDP expanded at a 3.7 percent annual rate, rather than a 2.3 percent rate reported last month, according to the Commerce Department. Slow economic growth in China caused a global stock market sell-off and created doubts the Federal Reserve would raise interest rates next month. New York Fed President William Dudley made a statement Wednesday saying a September lift-off of key lending rates “seems less than compelling to me than it was a few weeks ago.” Cheaper gasoline, a strong labor market and increased housing prices are boosting consumer spending, which grew at a rate of 3.1 percent while last month’s growth was only 2.9 percent.

 

At 11:45 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,128.30 Up $0.50
• Silver, $14.60 Up $0.43
• Platinum, $1008.00 Up $26.80
• Palladium, $563.40 Up $32.40

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