Daily Gold & Silver Market Report – 3/28/2016
Paul Stevens
3/28/2016 12:30:01 PM
METALS GET BOOST, DOLLAR LOSES GROUND AHEAD OF FED STATEMENT
Precious Metals are flat during Monday morning trading hours as investors return from the holiday weekend. Comments due Tuesday from Federal Reserve Chair Janet Yellen will be closely monitored for further indication on timing of possible interest rate hikes. Although Gold has given back a small portion of recent gains, a decline in the dollar provided support to the yellow metal ahead of Tuesday’s comments. ActivTrades chief analyst Carlo Alberto de Casa said, “Gold's short-term technical trend has slightly deteriorated, with the $1,190-$1,200 [per ounce] level becoming a strong support area.”
Markets are struggling Monday morning after weaker-than-expected economic data showed a slowdown in consumer spending, reigniting doubts of a growing GDP. The data caused the dollar to fall and many investors are now cautiously awaiting tomorrow’s Fed statement and more economic data Friday. Kathy Lien, managing director at BK Asset Management in New York, said, “Because we had softer (personal consumption expenditures) data and also the big downward revision in spending in January, that is causing a lot of the (dollar) long trades that many have put on to be cut back. Today's report certainly raises the question of whether the Fed can pull the trigger in June.”
At 1:30 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,222.20 Down $1.60
- Silver, $15.26 Up $0.01
- Platinum, $945.80 Down $6.60
- Palladium, $570.90 Down $2.80
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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
