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

Brandi Brundidge

11/11/2015 10:23:00 AM

LIKELINESS OF FED HIKING RATES IN DECEMBER RISES

Last Friday’s strong non-farm payroll stunned the market and pressured Precious Metals.  Now, analysts suggest the Federal Reserve will increase interest rates for the first time in nearly a decade before the end of 2015.  "If there [is] a December rate hike, the next question is what's the path, is the Fed going for at least three further increases of 25 basis points but the end of 2016.  In that case, Gold will definitely see a move down towards $1,050 [per ounce], " Societe Generale analyst Robin Bhar said.  The U.S. dollar strengthened to a seven-month high from news that unemployment hit 5 percent, but it has since fallen 0.2 percent against other leading currencies. 

In a Tuesday interview with USA Today, San Francisco Federal Reserve President John Williams confirmed his thoughts on the Fed hiking interest rates in December on an improving economy.  "Assuming the data are consistent with those (conditions), I think there's a very strong case for starting the process of raising interest rates" at the Fed's December meeting, Williams told USA Today. "The next natural step...is to start raising rates and to do that gradually."  Williams is a voting member of the Fed’s policymaking committee whose past views have been similar to Fed Chair Janet Yellen. 

At 11:22 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,090.20 Down $1.80
• Silver, $14.41 Down $0.05
• Platinum, $887.50 Down $12.00
• Palladium, $580.00 Down $18.80

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