Daily Gold & Silver Market Report–2/26/2016
Jennifer Carter
2/26/2016 9:42:00 AM
GOLD DOWN, STILL ON BEST RUN SINCE 2011
Gold spot is slightly higher Friday, gaining 0.3 percent to $1,237.30 per ounce, even though there was a rebound in the stock market. Gold and Silver are still considered safe-haven investments. With the current economic situation, the market will have the opportunity to grow further. Uncertainty about the Federal Reserve’s current interest rate stance and the value of the dollar are causing a toll on the metal market, as Gold has lost ground three straight years. “The size and scope of the political, economic and financial problems that now challenge the relative stability and tranquility of developed societies are unprecedented,” Euro Pacific Capital Senior Economic Consultant John Browne wrote in a post Thursday. “Should the war on cash prove unsuccessful in its early stages, banks could be closed for long periods. Investors should be aware of such possibilities and consider whether to hold cash and Precious Metals prudently outside the banking system.”
Brent oil is on track for its first weekly gain in a month and Friday could be the third straight daily gain for oil. With the oil glut, analysts do not see any immediate change in supply. Strong demand in the U.S., as well as the agreement that Russia and Saudi Arabia will discuss the stockpile, has given the market a slight boost. "The idea that gasoline demand is actually rising suggests that perhaps the lower prices of crude are actually prompting a greater usage of this product (gasoline)," National Australia Bank oil analyst Vyanne Lai said.
At 9:42 A.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,232.30 Down $8.30
- Silver, $15.09 Down $0.14
- Platinum, $928.30 Up $1.30
- Palladium, $491.30 Up $6.80
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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
