Daily Gold & Silver Market Report – 10/29/2015

Marcey Hollon

10/29/2015 4:33:00 PM

GOLD NEAR TWO-WEEK LOW ON RATE HIKE TALK; WALL STREET LOWER ON WEAK GDP

Gold is at a two-week low on hawkish notes from the Federal Reserve that a December rate hike is not out of the question. The central bank stated they will have to watch November economic data to gauge the timing of a possible interest rate increase. "The Fed wording is more positive than it was and the probabilities of (a rate hike) taking place have increased but still have to go through the November data set," Natixis analyst Bernard Dahdah said. Economic growth data will be a factor that investors and the Fed will be watching.

Weaker-than-expected U.S. growth has Wall Street lower Thursday as investors look for clues on a Federal Reserve interest rate increase. The Fed indicated confidence not only in the labor market but also the economy’s capacity to handle an interest rate increase. While U.S. GDP growth slowed in the third quarter, economists look to moderate growth in the current quarter. Jeffrey Saut, chief investment strategist at Raymond James Financial in Florida, said the Fed’s lack of reference to a global economic slowdown was a shock. "It's like they never said it," Saut said.

 

At 5:31 P.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,147.90 Down $30.60
• Silver, $15.65 Down $0.71
• Platinum, $993.10 Down $19.70
• Palladium, $672.30 Down $14.80

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