Daily Gold & Silver Market Report – 4/8/2016

Jennifer Carter

4/8/2016 9:50:00 AM

NOT A BUBBLE ECONOMY, RATE HIKES WILL GRADUALLY CONTINUE

The U.S. economy is on track for further interest rate hikes. Federal Reserve Chair Janet Yellen said, that the U.S. labor market was close to full strength. "The U.S. economy has continued to progress in a satisfactory way. We continue to see good job performance, some evidence of inflation moving up, so that was our expectation when we raised rates in December," Yellen said at the International House, a New York non-profit residence for students. An interest rate hike and a stable economy will have many investors thinking about Precious Metals as a safe haven, even though the market is a little flat . Recently, there has been a muted demand for Gold in Asia in both the households and the banks. Gold spot was down 0.4 percent at $1,234.89 an ounce Thursday at 11:34 GMT, while U.S. Gold futures for June delivery were down 50 cents at $1,237 an ounce. Prices are up 1 percent this week, chiefly due to a 1.5 percent rally on Thursday.

Stocks are having a good end to the week as oil prices begin to rebound. “Traders still remain on high alert amid fears that even though Japanese government officials appear to be ruling out immediate intervention to halt Yen aggressive appreciation, the Bank of Japan may take action through monetary policy at its meeting on April 28,” said Nawaz Ali, currency strategist at Western Union in a note. U.S. stock futures Friday morning also got a boost from a rebound in oil prices. U.S. crude CLK6, +5.05% jumped $1.33, or 3.6%, to $38.59 a barrel, and Brent LCOM6, +4.36% rose $1.27, or 3.2%, to $40.70 a barrel. This boosted oil-related companies in premarket action, with Baker Hughes Inc. BHI, +3.77% up 1.4%, Marathon Oil Corp. MRO, +4.28% rising 5% and Chevron Corp. CVX, +1.83% 0.8% higher

At 9:50 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,241.30 Up $3.10
• Silver, $15.37 Up  $0.16
• Platinum, $967.90 Up $13.20
• Palladium, $541.50 Up $6.70

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