Daily Gold & Silver Market Report – 9/22/2015
Paul Stevens
9/22/2015 12:10:00 PM
METALS DOWN AS DOLLAR GAINS STRENGTH
Precious Metal prices are pulling back during Tuesday morning trading hours and giving back some recent gains. The dollar has been down since last week’s Federal Reserve announcement not to increase interest rates, but renewed speculation on a rate hike taking place this year provided a small rebound. This along with struggling commodities pressured metals, but some analysts are still confident in Gold as a safe-haven. Julius Baer analyst Carsten Menke said, “Gold still has these safe-haven characteristics on a day like today, when everything that has a risk tag on it is just going down — equities are going down, cyclical commodities are going down. That's when Gold starts to shine, at least a little bit. ”
Stocks around the world are on the decline Tuesday as the continued struggle of China’s economy and falling commodity prices have affected investor sentiment. With so much hinging on recent and future news out of the Federal Reserve, many expect continued volatility. Art Hogan, chief market strategist at Wunderlich Securities in New York, said, “The market is fragile as it is. The volatility will continue until we get some clarity from the Fed and China.”
At 1:10 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,127.90 Down $8.10
- Silver, $14.85 Down $0.47
- Platinum, $938.10 Down $36.60
- Palladium, $613.40 Down $4.80
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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
