Daily Gold & Silver Market Report – 10/22/2015
Marcey Hollon
10/22/2015 10:37:00 AM
GOLD NEAR WEEK-LOW ON FIRMER DOLLAR; U.S. JOBLESS CLAIMS POINT TO FIRMING LABOR MARKET
Continued uncertainty as to the timing of a Federal Reserve interest rate increase, as well as a stronger dollar, has steadied Gold near its lowest point this week. Investors seeking safety from commodity-linked assets and emerging market currencies boosted the dollar from seven-week lows. Earlier in the year Gold saw 5 1/2-year lows on expectations for a 2015 rate hike, yet now the market expects an increase to shift to the new year. "The overall sentiment towards the dollar is improving somewhat," ABN AMRO FX and commodity strategist Georgette Boele said. "The market is not really expecting a hike anymore this year. They have almost completely priced it out now."
The labor market continues to strengthen as the number of new applications for unemployment benefits was less than expected last week. Claims under the 300,000 threshold signal a firming labor market and this is the 33rd week with numbers under that threshold. Signs that employers are holding on to their workers even as global demand is slowing implies strong domestic economic fundamentals that could keep the door open to an interest rate increase from the Federal Reserve this year. The four-week moving average, considered to be a better measure as it removes weekly volatility, is at its lowest since 2000.
At 11:35 A.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,170.40 Up $0.70
- Silver, $15.92 UP $0.13
- Platinum, $1,009.60 Up $2.50
- Palladium, $682.50 Up $4.40
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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies
