Daily Gold & Silver Market Report – 9/9/2015

Brandi Brundidge

9/9/2015 12:23:00 PM

NEXT WEEK’S FED MEETING ALREADY MOVING MARKET

The Gold price eased Wednesday morning ahead of next week’s Federal Reserve policy meeting, scheduled for September 16- 17.  The market anticipates at least a sign from the Fed on whether they’ve decided to increase interest rates and when it might occur.  Low interest rates set by the Fed supported Gold in recent years, however the metal has moved down 5 percent this year due to the thought the Fed may hike rates for the first time since 2006.  "There is a little bit more risk appetite, but people are still holding onto Gold," Citi analyst David Wilson said. "There is still an outside chance we could have a rate hike in September, which wouldn't be good for Gold."

The U.S. Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey, released Wednesday, showed an increase in the number of job openings by 430,000, the largest gain since April 2010. “There is a lot of demand for labor, and I think that will continue to push down on the unemployment rate,” Societe Generale Chief U.S. Economist Aneta Markowska said before the report. “The labor market’s getting very close to full employment” and Fed officials are “going to have to do something about it, if not next week, then relatively soon.”  These figures, along with weakening global financial markets and poor Chinese growth, play an important role in the Fed’s decision to increase interest rates. 

At 1:23 P.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,105.30 Down $18.90
• Silver, $14.69 Down $0.17
• Platinum, $983.20 Down $20.70
• Palladium, $581.00 Down $7.50

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.