Daily Gold & Silver Market Report – 10/16/2015

Jennifer Carter

10/16/2015 10:19:00 AM

GOLD DOWN, STILL ON TRACK FOR 2 WEEK GAIN

Gold fell Friday as the dollar recovered from concerns of the strength of the U.S economy.  Thursday’s U.S. inflation data boosted the dollar, but doubt of the Federal Reserve increasing the interest rate this year is keeping the metal on track. Spot Gold was down to $1,181.90 an ounce but is on track to rise 2 percent this week after peaking at $1,190 an ounce, its strongest since late June. "We had slightly better U.S. data which saw the dollar rally, so that seems to have scared off some of the Gold buyers for the moment," Societe Generale analyst Robin Bhar said. "But if it can consolidate around here and build a base, that's a good platform. Some of the tailwinds are back in Gold, in the sense of softer U.S. data, (and) the fact that a Fed rate hike is most unlikely this year."

China increased their Gold holdings nearly one percent in September, as their foreign exchange reserves dipped due to the central bank stepping up intervention to stabilize the yuan. "Their buying has been pretty consistent," ANZ commodity strategist Victor Thianpiriya said. "It's clear that they consider Gold to be an important part of their holdings. So it won't surprise me if they continue to add to reserves."

At 10:19 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,184.20 Down $6.30
• Silver, $16.17 Down $0.09
• Platinum, $1008.40 Up $1.40
• Palladium, $697.90 Down $8.20

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