Daily Gold & Silver Market Report – 10/8/2015

Marcey Hollon

10/8/2015 10:37:00 AM

METALS DIP ON STEADY SHARES, CHINA’S RETURN; WALL STREET AWAITS FED MINUTES

China’s return to the market from a four-day holiday and steady European shares have Gold retreating from a two-week high while Silver is down 4 percent. During the Chinese holiday, slower U.S. economic data helped Gold gain $30 per ounce, with Silver rising $1.50. "We'll see prices yo-yoing until the actual [U.S. Federal Reserve] rate hike," Capital Economics economist Simona Gambarini said. "Sentiment had improved slightly over the past week or so, when investors returned to Gold a bit more, but they are generally on the sidelines and it's a matter of time to second-guess when the rate hike is actually going to happen." The market awaits minutes from the Fed’s September meeting to get their view of the global economy. A slowdown of growth in China and a decrease in global growth kept the Fed from raising interest rates in September.

Wall Street is down Thursday morning awaiting the Federal Reserve’s September meeting minutes. Investors hope to gain more insight as to the timing of an interest rate hike. The health of the labor market got a boost from data showing U.S. jobless claims fell more than expected to a 42-year low. However, investors remain cautious as quarterly reports will show how U.S. companies are dealing with sluggish global growth. It is likely that U.S. stocks are on the defensive until the Fed minutes are released, according to R.J. O'Brien & Associates Senior Vice President John Brady. "Stocks will continue to work off this oversold condition they had in late September. It will be the Fed minutes later in the day that will give us a sign one way or the other," Brady said.

 

At 11:26 P.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,146.00 Down $5.70
• Silver, $15.74 Down $0.45
• Platinum, $952.30 Up $5.90
• Palladium, $707.70 Up $7.20

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