Daily Gold & Silver Market Report – 1/4/2016
Paul Stevens
1/4/2016 12:44:00 PM
GOLD RISES AS WORLD WORRIES ABOUT GLOBAL ECONOMY
Gold and Silver prices are gaining during Monday morning hours moving toward their highest point in nearly two weeks. Metals are receiving support from safe haven demand as China’s continued struggles have investors again concerned about a global economic slowdown. This news, coupled with rising tensions in the Middle East from the weekend, have been the biggest reason for Gold’s gains. Colin Cieszynski, chief market strategist at CMC Markets said, “Gold is benefiting from a flight to safety,” with the “weekend increase in tensions between Iran and Saudi Arabia ... likely driving this flow of capital.”
Global markets took a hit Monday morning as disappointing manufacturing data from the U.S. showed a slowdown. Also, China’s central bank fixed their Yuan at a new four-and-a-half year low, and a continued decline in Europe has sparked concern about the health of the global economy going forward. Peter Dixon, economist at Commerzbank stated, “This year is going to be a rerun of 2015 with added risks. The global economic story is based on weak fundamentals with China slowing further and policy uncertainties existing in developed economies.”
At 1:43 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,078.20 Up $14.80
- Silver, $13.96 Up $0.07
- Platinum, $883.90 Down $9.30
- Palladium, $546.00 Down $17.30
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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies
