Daily Gold & Silver Market Report – 10/28/2015

Brandi Brundidge

10/29/2015 9:12:55 AM

GOLD RISES AS FED MEETING ENDS; YELLEN EARNS C+ BY CNBC SURVEY

Gold soared over $1,180 an ounce as the dollar fell ahead of Wednesday’s policy statement from the Federal Reserve.  The 200-day moving average for the yellow metal is $1,172 an ounce, which is a vital price point that hadn’t been reached since May. The Fed is wrapping up a two-day policy meeting and the market is waiting for hints as to when they plan to increase interest rates. "Weak U.S. economic data lent weight to the notion the Fed would refrain from raising rates any time soon, which in turn supported bullion," HSBC said in a note.  Other Precious Metals are performing well, with Silver up 2.9 percent, Platinum increased 2.1 percent and Palladium rose 1.8 percent. 

A recent CNBC Fed survey polled 41 respondents, including money managers, investment strategists and economists. The survey concluded how poorly the economy feels Janet Yellen is performing as Fed Chair.  The negative views come after the market’s frustration from this year’s policy meetings that have left the U.S. economy with no future plan.  "Their communication has added to, rather than lessened, market confusion," said John Donaldson, vice president and director of fixed income at Haverford Trust. "They need to speak with one voice instead of the cacophony that we are currently hearing."

 

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