Daily Gold & Silver Market Report – 10/9/2015

Jennifer Carter

10/9/2015 9:44:00 AM

GOLD RISES , U.S. DOLLAR LOSES ON FED MINUTES

Spot Gold is up one percent Friday morning.  The climb was in reaction to the Federal Reserve not being in any hurry to raise the interest rates.  Spot Gold was up 1.33 percent at $1,153.71 an ounce. On Thursday, prices had rallied only briefly after the Fed minutes before closing down 0.6 percent despite a softer U.S. dollar. "Gold was choppy following the U.S. FOMC minutes that did not give a clear indication of whether or not the Fed is poised to raise interest rates this year," said analysts at ScotiaMocatta, referring to the Federal Open Market Committe.  A hike is still likely, but a delayed raise in Precious Metals could weigh heavy on the market in the future.

Oil is above 50 dollars a barrel for  the first time since July.  This would make it seem that demand is picking up.  Oil was at a 6 year low in August because the U.S. had vast stockpiles. West Texas Intermediate crude advanced 3.4 percent. Demand will climb more this year than previously projected amid cheaper fuel prices, OPEC Secretary-General Abdalla Salem El-Badri said yesterday in a statement to the International Monetary Fund. A "new capital discipline" in the industry will allow demand to catch up with supplies, boosting prices, according to Gary Ross, founder and chairman of PIRA Energy Group. Gains accelerated on reports that Russian cruise missiles meant for Syria landed in Iran.

At 9:41 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,156.70 Up $9.40
• Silver, $15.92 Up $0.07
• Platinum, $981.70 Up $26.10
• Palladium, $719.60 Up $15.40

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