Daily Gold & Silver Market Report – 4/14/2016

Marcey Hollon

4/14/2016 2:14:00 PM

GOLD RETREATS AS DOLLAR GAINS; WALL ST. FLAT AFTER BANK EARNINGS, ECONOMIC DATA

The U.S. dollar rallied Thursday to its largest gain in the past month on continued uncertainty of the U.S. monetary policy. After having its best quarterly growth in the past 30 years, Gold prices slipped as expectations of the Federal Reserve raising rates multiple times this year paused. "Traders are not willing to accept that the Fed will not be raising the rates anytime soon," Ava Trade chief market strategist Naeem Aslam said. "Most of the bad news is factored into the dollar and it appears they cannot push the greenback any further. This is impacting the price of Gold."

While the labor market continues to show strength, bank earnings and sluggish economic growth had Wall Street flat Thursday. Both Wells Fargo and Bank of America increased reserves to cover bad loans in their energy portfolio and posted lower quarterly profits. U.S. consumer prices rose sparsely in March as jobless claims dropped more than expected.  "We're looking at a flattish kind of market today that is looking to grasp a positive theme and the banks haven't delivered this morning," Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey, said. Speculation on when the Fed will raise interest rates again and how many rate hikes the U.S. economy will see this year continues to be on investors’ minds. 

 

At 3:13 P.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,228.30 Down $20.50
• Silver, $16.22 Down $0.15
• Platinum, $991.40 Down $11.10
• Palladium, $561.00 Up $17.50

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