Daily Gold & Silver Market Report – 9/24/2015

Marcey Hollon

9/24/2015 10:29:00 AM

GOLD, PLATINUM RISE AS DEMAND ON DEMAND WORRIES; WEAK U.S.DATA PUSHES OIL LOWER

Cautious investors are moving toward Gold as a safe-haven bid due to worries over the slowing growth in China and U.S. durable goods falling 2 percent last month. Continued concern over possible tightening in U.S. monetary policy has investors awaiting a speech by Federal Reserve Chair Janet Yellen Thursday to provide more clues as to when interest rates will be raised. Fears over the Volkswagen emissions issue have Platinum up, as the metal is used in diesel catalysts to clean exhaust emissions. “The market is obviously pre-empting a possible disruption to the whole diesel catalytic converter sector and we now need to see what the future holds for diesel demand in the U.S. and the reverberations in Europe,” Saxo Bank senior manager Ole Hansen said. ABN Amro analyst Georgette Boele added, “In the short term, there may be more downside in Platinum as more details about the VW situation get uncovered...$900 [per ounce] could be tested, maybe a little bit lower.”

U.S. durable goods dropped 2 percent in August while the number of new applications for unemployment benefits rose last week. Oil fell to $47 per barrel and fears continued over the demand outlook in the world’s largest oil consumer. Large supply and concerns over global growth have crude prices down more than 25 percent. “The data shows that the U.S. economy isn't as punchy as people thought it was, as shown by the fact we've not seen a pick-up in consumables despite the sharp fall in energy prices,” CMC Markets analyst Michael Hewson said.

 

At 11:28 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,157.20 Up $22.50
• Silver, $15.21 Up $0.33
• Platinum, $956.10 Up $22.70
• Palladium, $659.90 Up $12.20

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.