Daily Gold & Silver Market Report – 9/04/2015
Jennifer Carter
9/4/2015 9:18:00 AM
GOLD ON TRACK FOR SECOND STRAIGHT WEEK OF DECLINE
Gold is down Friday morning as traders await the U.S. nonfarm payroll report, which would give clues to the timing of the Federal Reserve rate hike. “Gold is already pricing in diminished odds of a September rate hike,” Phillip Futures analyst Howie Lee said. “A strong labor market report will increase the odds of a rate rise in two weeks’ time, sending the dollar up and Gold prices down. A weak report will dampen what are already very low odds of a rate raise and send Gold prices up.”
Gold spot was at $1,123.26 an ounce Friday morning, little changed from late Thursday. U.S. Gold futures for December delivery were also down $1.70 to $1,122.80 per ounce. The metal is on track to fall for a second straight week. Expectations for a September rate have been lowered recently, but a strong job reports could mean the Fed could raise the rate twice while a weak report could mean no hike at all. “Although August bullion imports were high, demand in India appears to have stalled,” HSBC said in a note. “China's markets are closed for the rest of the week ... Without two key physical markets it will be tough for Gold to rally.”
At 9.20 A.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,122.410 Down $5.60
- Silver, $14.63 Down $0.18
- Platinum, $995.10 Down $16.00
- Palladium, $577.60 Down $5.90
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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
