Daily Gold & Silver Market Report – 9/11/2015

Jennifer Carter

9/11/2015 11:40:00 AM

GOLD DOWN FOR THIRD CONSECUTIVE WEEK ON DOLLAR, FED

Gold is down Friday due to a firmer dollar and has been further fueled by the uncertainty of the Federal Reserve’s first interest rate hike in nearly a decade. The metal was down two percent for the week, reaching $1,099.05 per ounce Wednesday. "Our house view is that [the Fed] will wait until December," Commerzbank analyst Daniel Briesemann said. "I think that will lead to continued uncertainty in the Gold market. The market would be in better shape if the Fed said clearly next week what it was going to do."

For only the fourth time in over a century, there has been a two-year drought in India, which has hit Gold demand and could cut imports by up to 10 percent in 2015. "A drop below $1,100 an ounce may elicit greater physical demand," HSBC said in a note.Silver was down 0.8 percent Friday at $14.56 an ounce, while Platinum was down 0.5 percent and Palladium was down 0.6 percent.

At 11:38 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,105.20 Down $7.60
• Silver, $14.45 Down $0.30
• Platinum, $967.60 Down $14.60
• Palladium, $583.50 Down $11.10

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.