Daily Gold & Silver Market Report – 2/2/2016
Paul Stevens
2/2/2016 1:02:00 PM
GOLD SET TO GAIN AS OIL, MARKETS CONTINUE DECLINE
Gold and Silver prices are relatively flat after Gold reached a three-month high Tuesday. Many analysts assumed the Federal Reserve would continue to raise benchmark interest rates in 2016. However, with global economic growth concerns at the front of investors’ minds and oil and energy continuing to struggle, Gold’s safe-haven appeal is back. Julius Baer analyst Carsten Menke said, “It is perfectly possible that it will move towards $1,150 [per ounce] (in coming weeks) and then it will depend on the equity markets. Clearly this is an environment that is supportive for Gold in the short term.”
Markets around the world are declining Tuesday as disappointing global economic data weighs on oil and investor’s risk tolerance. BP took its biggest loss in 20 years, Exxon Mobil has seen plummeting profits, and Standard & Poor’s cut both Shell and BHP Billiton’s ratings. John Hardy, head of FX strategy, said, “I don't think the market has much of a clue on what to focus on. It doesn't seem too convinced with the narrative of hooray for central bank liquidity again, and the oil price going down and whole reserve destruction theme is bad for risk appetite.”
At 1:01 A.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,130.30 Up $0.00
- Silver, $14.37 Down $0.03
- Platinum, $858.30 Down $12.80
- Palladium, $493.10 Down $10.20
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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
