Daily Gold & Silver Market Report–3/14/2016
Paul Stevens
3/14/2016 11:00:00 AM
METALS LOOK FOR DIRECTION AHEAD OF FED MEETING
Precious Metal prices are slowly rebounding Monday after Gold saw a small pullback Friday. With Gold recently hitting a 13-month high, investors will closely watch this week’s U.S. and Japanese central bank meetings. Afshin Nabavi, head of trading at MKS, said, “It's going to be rather cautious until the Federal Open Market Committee (FOMC) comes out with their statement. There's a lot of selling on the physical front coming in, but there is also buying to support the market. If there are no sunrises from the FOMC or the Bank of Japan, I'm sure [Gold] will head towards the $1,275, $1,280 [per ounce] level.”
Stock markets in Europe and Asia are gaining, adding to their boost following last week’s new stimulus package from the European Central Bank. The question now remains will the U.S. Federal Reserve follow suit with a dovish stance or will the dollar receive a boost based on recent economic numbers. Josh O'Byrne, currency strategist at Citi, said, “The (Fed) meeting could see an acknowledgement of slightly improved conditions ... the Fed wants to make sure these developments have taken hold before acting. Such a dovish message could see downward pressure on the dollar.”
At 11:59 A.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,245.30 Down $15.80
- Silver, $15.53 Down $0.14
- Platinum, $960.80 Down $8.90
- Palladium, $571.60 Down $9.40
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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
