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Daily Gold & Silver Market Report – 9/17/2015

Daily Gold & Silver Market Report – 9/17/2015

Marcey Hollon

9/17/2015 10:19:00 AM

GOLD EASES AS MARKET AWAITS FED DECISION; U.S. JOBLESS CLAIMS LOW

After seeing its largest one-day jump, Gold eased Thursday as investors await news from the Federal Reserve’s policy meeting as to whether a rate hike will happen for the first time in a decade. Spot Gold rose 1.3 percent Wednesday in its largest gain since August 20. China’s slowing economic growth and global market volatility has lowered expectations of an increase. "It is a very close call - we think that going into the meeting, the outcome is undecided," Capital Economics analyst Caroline Bain said. "But relative to the market, we have a higher expectation that the Fed will hike rates this evening. We suspect that the Gold market has now largely adjusted to the prospect that the Fed will start to raise rates by end-year, so any price weakness in the immediate aftermath is likely to prove short-lived." Policymakers face the dilemma of raising interest rates in a fairly healthy economy that also shows signs of a disinflationary trend.

New applications for unemployment benefits are at an eight-week low, pointing to a strengthening labor market, which conversely triggered demand for homeownership. While housing starts fell for the second straight month, they remained above the one million unit mark, signaling an improving housing market. "August housing starts disappointed, but this is a mere blip on the radar. The housing market’s underlying fundamentals remain on pace for continued recovery," EverBank executive vice-president of home lending Tom Wind said.

 

At 11:17 A.M. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,121.10 Down $1.40
  • Silver, $15.11 Up $0.11
  • Platinum, $968.90 Down $7.80
  • Palladium, $600.00Down $13.90

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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

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