Daily Gold & Silver Market Report – 11/2/2015

Paul Stevens

11/2/2015 8:55:00 AM

METALS LOSE GROUND AS RATE HIKE LOOMS

Precious Metal prices are on the decline Monday morning as Gold hit a four-week low. Although the U.S. dollar is on the downturn and Gold has seen a recent rally, a hawkish tone by the U.S. Federal Reserve after last week has fueled speculation that an interest rate increase is still on the table for before year’s end. Macquarie analyst Matthew Turner said, “The message you take from the Fed statement is that rates are going to go up soon and it would take a full-on economic slowdown in the U.S. to stop it.”

The world economy as a whole is again taking center stage. Throughout much of the past year, central banks around the world have attempted to stimulate growth, although little has changed, which has affected the timing of a Federal Reserve interest rate hike. Capital Economics senior economist Andrew Kenningham said, “One of the reasons [the Fed] didn't move in September was concerns about the state of the global economy and particularly China. Our view is that most likely they will wait until next year but they may decide to move in December.”

At 9:53 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,136.50 Down $7.40
• Silver, $15.42 Down $0.23
• Platinum, $972.50 Down $16.60
• Palladium, $655.50 Down $22.80

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