Daily Gold & Silver Market Report – 9/28/2015

Paul Stevens

9/28/2015 12:12:00 PM

METALS DOWN AHEAD OF YELLEN, FED STATEMENTS

Precious Metal prices have declined during Monday morning trading hours, giving back much of their recent gains.  As investors continue to speculate on the timing of a Federal Reserve interest rate hike, the U.S. dollar has moved close to a five-week high, pressuring metals. Investors will keep a watchful eye on Friday’s U.S. jobs data and statements throughout the week by Federal Reserve officials for direction. MKS Group of Switzerland said in a note, “Interest around $1,141 [per ounce] should continue to support Gold over the short-term, while $1,155 [per ounce] will provide resistance.”

As China’s economy continues to slow, investors around the world are on edge and concerned with timing of a U.S. interest rate hike.  This fear is affecting markets around the world, with U.S. stocks set for their third-worst quarter in nearly four years. Omar Aguilar, chief investment officer of equities at Charles Schwab Investment Management in San Francisco, said, “(The Fed) is concerned that the decelerations of global GDP will have a significantly higher effect on the U.S. than the markets are pricing.”

At 1:10 P.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,135.70 Down $13.10
• Silver, $14.64 Down $0.57
• Platinum, $923.20 Down $28.90
• Palladium, $651.20 Down $18.40

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