Daily Gold & Silver Market Report – 3/16/2016
Brandi Brundidge
3/16/2016 4:17:00 PM
FED’S STATEMENT BOOSTS PRECIOUS METALS
Gold’s performance in 2016 has been astonishing, climbing close to 16 percent already for the year. The yellow metal received additional support Wednesday after the Federal Reserve stated interest rates would remain unchanged. The decision comes from global financial concerns and how each could impact the U.S. economy. “Any indications that the Fed is showing less enthusiasm for rate hikes is bullish for Gold, as we saw today,” Gold Newsletter editor Brien Lundin said. “Any indication that they’ll have to forestall hikes altogether, or even revert to easing, would send Gold catapulting higher.”
In December 2015, the Fed shared its strategy to increase interest rates four times in 2016. However, they altered this forecast to two Wednesday due to unstable economic conditions. The news immediately pressured the dollar against other major currencies, while Precious Metals soared. The Fed commented on concerns over low inflation due to the instability of the economy along with financial developments.
At 5:15 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,265.00 Up $32.10
- Silver, $15.69 Up $0.38
- Platinum, $979.00 Up $19.20
- Palladium, $583.50 Up $11.80
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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
