Daily Gold & Silver Market Report – 10/23/2015

Jennifer Carter

10/23/2015 9:50:00 AM

FOCUS ON DOLLAR BOOSTS GOLD

Spot Gold rose 1 percent to $1,178.26 an ounce after falling as low as $1,162.50 Thursday, its lowest since Oct. 13. Support comes from a softer dollar, which was up slightly over the euro on comments by the European Central Bank. Focus remains on the dollar as markets expect U.S. manufacturing PMI numbers to show a slight dip from September. "That's the first manufacturing PMI for any major economy that we're going to see for October," ICBC Standard Bank Precious Metals Strategist Tom Kendall said. "So it certainly has the potential to affect the dollar and the Gold market if the number misses expectations."

Oil rose Friday as the Chinese central bank cut borrowing rates, which could boost demand from the world’s top energy consumer. The People's Bank of China cut its lending rate for the sixth time since November to 4.35 percent in its latest effort to boost the country's economy. "The rate cut does give some support to demand expectations so oil's gone a bit higher and it's a little bit positive for the moment," ABN Amro senior energy economist Hans van Cleef said.

At 9:50 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,164.20 Down $4.40
• Silver, $15.85 Down $0.07
• Platinum, $1,001.90 Down $11.00
• Palladium, $694.00 Up $7.50

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