Daily Gold & Silver Market Report – 3/21/2016
Paul Stevens
3/21/2016 9:48:00 AM
METALS FLAT AS OIL CONTINUES STRUGGLE
Precious Metal prices are relatively flat during Monday morning trading hours, with Gold seeing a small pullback. Statements released after last week’s Federal Open Market Committee meeting showing a more dovish tone from the Federal Reserve helped push prices higher, but a small increase in the dollar Monday morning is pressuring metals. However, even with the dollar gaining, analysts and investors are still concerned with the slowing global economy. Lukman Otunuga, research analyst at FXTM, said in a note, “The ongoing fears over slowing global growth and the anxious approach fostered by central banks have continued to boost appetite for safe haven investments such as Gold, which found support around $1225 [per ounce].”
Markets around the world struggle to gain ground as oil prices look for firm footing. The energy sector has taken a pounding as oil producers continue talks to potentially stop production in hopes of prices settling back over $40 per barrel. PVM Oil Associates' David Hufton said, “Dollar strength that might reverse and a production freeze that might turn out to be an empty vessel are not the strongest foundations on which to be long oil at $40 a barrel.”
At 10:49 A.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,246.50 Down $9.50
- Silver, $15.84 Down $0.02
- Platinum, $978.30 Up $7.80
- Palladium, $596.90 Up $5.90
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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
