Daily Gold & Silver Market Report – 4/6/2016
Brandi Brundidge
4/6/2016 10:06:00 AM
FED MINUTES RELEASED TODAY; OIL PRICES JUMP
Precious Metals are slightly down Wednesday morning ahead of the Federal Reserve’s meeting minutes, released this afternoon. The report is expected to provide insight to how the Fed plans to approach interest rates hikes this year. “As Fed Chair [Janet] Yellen already pointed out in the press conference [following the March rate meeting], they are likely to stress the risks to the global economy and confirm that the Fed will probably take a more gradual approach to the current cycle of rate hikes. Gold should profit from this,” Commerzbank analysts wrote in a Wednesday note. The U.S. stock market has been a bit volatile so far in 2016 and bond yields have been declining. Analysts project this trend will continue throughout 2016 and will likely support the price of Gold.
Crude oil prices rose Wednesday morning thanks to major global producers likely to agree to a production freeze this month. Members of the Organization of the Petroleum Exporting Countries (OPEC) have stated their support to limit crude output. “Oil prices are mainly moving on rhetoric by OPEC officials and not fundamental changes. Market watchers will be keeping their ears sharp until the suspense of a possible production freeze is over,” Oversea-Chinese Banking Corp. commodities analyst Barnabas Gan said. Saudi Arabia, OPEC’s main producer, proclaimed last Friday they’re only on board if Iran is. This surprised the market, though it is still unknown how Iran plans to proceed.
At 12:00 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,224.20 Down $6.40
- Silver, $15.11 Down $0.07
- Platinum, $947.40 Down $4.20
- Palladium, $546.80 Up $2.10
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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
