Daily Gold & Silver Market Report–1/29/2016

Jennifer Carter

1/29/2016 11:01:00 AM

GOLD DOWN, SHOWS POSSIBILITY FOR BIGGEST GAIN

Spot Gold is down slightly Friday on strength of the dollar but has risen nearly 5 percent in January, keeping it on track for its biggest monthly gain in a year. Concerns over China’s growth and the pace of U.S. interest rates hikes are contributing factors. A March rate hike was looking "extremely unlikely," CMC Markets Chief Market Strategist Michael McCarthy said. "Now that the [Federal Reserve] has said that they are looking at international conditions and their impact on the U.S. economy, it's quite clear they'd be waiting ... and there are not just enough macro data between now and the March meeting for them to shift from their current position." Spot Gold was down 0.1 percent at $1,113.26 an ounce by 1239 GMT, while U.S. Gold for February delivery was down 0.2 percent at $1,113.90 an ounce.

In an attempt to reduce the worst oil glut in history, major oil exporters have talked about a plan that would reduce production.  Friday, oil rose $35 per barrel, a 25 percent gain from 12-year lows earlier this January. Brent futures have jumped around a quarter since hitting an intra-day low of $27.10 per barrel on Jan. 20. It hit a high of $35.84 per barrel Thursday. Iran's oil exports are set to rise more than one-fifth in January and February from last year's daily average, following Tehran ramping up sales after sanctions were lifted.

At 11:01 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,120.60 Up $2.20
• Silver, $14.36 Up $0.07
• Platinum, $876.70 Up $7.80
• Palladium, $502.30 Up $9.30

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.