Daily Gold & Silver Market Report – 10/30/2015

Jennifer Carter

10/30/2015 9:46:00 AM

GOLD STEADIES, STILL AT 3 WEEK LOW

The dollar retreated Friday, causing spot Gold to steady at a three-week low after the U.S. Federal Reserve indicated it may raise interest rates in December. Spot Gold was at $1,145.55 an ounce Friday morning after slipping to $1,144.01 per ounce, its lowest since Oct. 9. "The market was clearly anticipating kicking rate rises into the long grass, and of course a December rate rise is still very much on the cards," Mitsubishi analyst Jonathan Butler said. "The correction was a perfectly natural response to that. (But) it's interesting that we've only traced back to where we were in early October. There may be further pain to come as the Fed's intentions becomes clearer, but with yields having moved higher, probably the worst is over in the very short term."

Crude oil is close to $49 a barrel Friday, driven by smaller-than-expected builds in U.S. oil stocks, which is seen as a boost during sluggish in economic growth in U.S. and China.  A Reuters survey showed October OPEC oil output falling from September, as Saudi Arabian and Iraqi declines outweighed increases from Africa. The U.S. Energy Information Administration reported a 3.4 million barrel build, which supported the weekly increase. "Looking at the bigger picture, there is still lots of oil in the United States," PVM Oil Associates analyst Tamas Varga said. "We should see a softer market in the coming days."

At 8:47 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,144.70 Down $5.20
• Silver, $15.62 Down $0.02
• Platinum, $991.40 Down $1.90
• Palladium, $677.30 Up $5.50

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