Daily Gold & Silver Market Report – 9/25/2015

Jennifer Carter

9/25/2015 9:52:00 AM

GOLD DOWN AS DOLLAR GETS BOOST

Gold fell from its one-month high Friday as Federal Reserve Chair Janet Yellen’s speech sparked a rally that sent the dollar to a five-week high against world currencies. Following the September Fed meeting that kept the interest rate increase on hold, Gold rallied and hit its highest since August 25."In her speech, Yellen said... the Fed would most likely still hike [rates] this year, so on the back of that the dollar gained some value. Gold came off in the Far East, and has been coming off in Europe," MKS head of trading Afshin Nabavi said. "$1,140 and $1,135 [per ounce] were levels of resistance we had on the way up, so now they have turned into a bit of support."

Expectations for a rise in interest rates have cut the opportunity cost of holding Gold and weighed on the dollar, pushing the metal down five percent this year. Rates are expected to increase this year if the U.S. economy is able to boost employment. Spot Gold was down 0.9 percent at $1,143.40 an ounce following a 2.1 percent climb Thursday, its biggest one-day increase since January.

At 9:51 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,149.30 Down $7.70
• Silver, $15.23 Up $0.00
• Platinum, $949.5 Down $7.30
• Palladium, $668.50 Up $10.10

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