Daily Gold & Silver Market Report–2/25/2016
Marcey Hollon
2/25/2016 11:42:09 AM
GOLD UP ON BULLION BUYS; STRONG U.S. DURABLE GOODS OFFER HOPE FOR MANUFACTURING
Gold has risen 16 percent this year, returning to its safe-haven appeal for investors concerned over market volatility. The Precious Metal hit a 12-month high at $1,260.60 per ounce in February. Analysts say more investors will draw into Gold if the metal can stay in the $1,250 price range. "The technical picture seems a bit changed and at the same time we don't expect rate hikes from the [U.S. Federal Reserve] anymore ... we expect Gold to reach $1,300 by the end of the year," ABN Amro analyst Georgette Boele said. One key technical level being watched closely is the “golden cross” and represents the 50-day moving average surpassing the 200-day moving average. Thursday, the gap was a mere 50 cents. If the golden cross occurs, it would be the first time in two years and investors would see that as a buy signal.
The manufacturing sector got a boost Thursday from data showing new orders for long-lasting manufactured goods rose by 10 percent in January. Economists expected the data to reflect a 2.5 percent rise in items meant to last three or more years, yet the number surged to 4.9 percent, reversing December’s losses. The upbeat durable goods report has many believing the worst of the manufacturing slowdown is over. The healthy labor market continues with claims under the 300,000 threshold. Expectations for a March interest rate increase are gone however a rate hike further into the year may be possible because of the labor market strength.
At 12:40 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,242.80 Up $1.90
- Silver, $15.24 Down $0.13
- Platinum, $922.50 Down $21.20
- Palladium, $482.30 Down $6.30
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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
