Daily Gold & Silver Market Report–3/10/2016

Paul Stevens

3/10/2016 3:05:00 PM

METALS REBOUND AS ECB ANNOUNCES NEW ROUND OF QE

Precious Metal prices are gaining Thursday after experiencing a small pullback recently. The European Central Bank cut benchmark interest rates and announced it will go through another round of quantitative easing, which provided a boost to Gold prices.  As investors prepare for next week’s Federal Reserve meeting, some analysts believe the expected June interest rate increase may be put on hold.  Mitsubishi analyst Jonathan Butler said, “The attention now turns to what the Fed is going to do next week. Looking at the Fed futures market now, the money seems to be on a September rate rise, which is quite a change from a couple of weeks ago.”

Oil prices are declining Thursday, giving back recent gains that helped U.S. crude reach a three-month high.  Although the last few days have been positive, the oversupply of oil has continued to weigh on prices as producers mull their next move.  David Thompson at Washington-based commodities brokerage Powerhouse said, “The gasoline drawdown is great but we still have record high crude stocks. The question is whether we are just going to depend on falling U.S. production to bring that down, or [the Organization of the Petroleum Exporting Countries] will also get its act together on an output freeze.”

At 4:04 P.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,273.70 Up $14.60
• Silver, $15.64 Up $0.22
• Platinum, $979.00 Down $3.80
• Palladium, $570.50 Up $3.30

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