Daily Gold & Silver Market Report – 9/10/2015
Marcey Hollon
9/10/2015 10:59:00 AM
FOCUS ON FOMC; WALL STREET FLAT AMID GLOBAL GROWTH CONCERNS
Investors remain cautious as they await news from the Federal Open Market Committee (FOMC) meeting Sept. 16-17, which may lend more clues as to the Federal Reserve raising interest rates. Uncertainty on the timing of a rate hike has increased with continued mixed economic data and China’s slowing growth. "It's very hard to work out what the Gold market is pricing in regarding the probability of a hike and what the outcome will be if the FOMC surprises," ICBC Standard Bank strategist Tom Kendall said. "The one thing that we can say is that the market at this time of year should be enjoying a bit of a seasonal boost, particularly from the Indian subcontinent, and at the moment, that market is very quiet." Low rates historically cut the cost of holding bullion and some analysts believe prices could be pushed down to July’s lows.
Investors remain cautious as world markets are pressured from slowing global growth. Fear of China’s slowdown putting a drag on global economies have shaken markets recently and led some investors to believe the U.S. central bank will hold off on an interest rate hike. "Investors are in wait-and-see mode before the Fed meeting and nobody is going to take big bets before that," Wunderlich Securities Chief Market Strategist Art Hogan said. "We also need to see more positive government action from China. They have all these levers to pull which they aren't even as data gets more negative."
At 11:58 A.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,113.70 Up $8.20
- Silver, $14.77 Up $0.10
- Platinum, $983.60 Up $1.40
- Palladium, $592.00 Up $12.10
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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
