Daily Gold & Silver Market Report – 4/15/2016
Jennifer Carter
4/15/2016 9:47:00 AM
GOLD STRENGTH DIMMED BY STRONGER DOLLAR, OIL PRODUCTION MEETING
Gold spot is up Friday, holding near $1,230 per ounce, but is on track for a slight weekly loss on a strengthened dollar. Currency trading impacted the dollar but the Gold price was more affected by market conditions and a looming oil production meeting. If upcoming data from April’s New York manufacturing report is positive, Gold may drop, but at a slower pace. “Metal prices are falling slightly this morning despite the positive data. Clearly market participants are acting in accordance with the motto of ‘buy the rumor, sell the fact,’ as prices had risen—sharply in some cases—during the course of the week,” Commerzbank analysts said in a note.
Oil producers are set to meet Sunday to discuss freezing output levels in an effort to maintain the oil glut. There are currently 1.5 million barrels of crude oil excess produced each day. This would be the first joint agreement in 15 years, though Iran will not participate. "Momentum is building behind an agreement that likely excludes Iran (and potentially Libya). While there will likely be little effect on the physical market an agreement would represent an important psychological shift in setting oil prices," investment bank Jefferies said Friday.
At 9:47 A.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,230.40 Up $3.30
- Silver, $16.23 Up $0.02
- Platinum, $987.90 Down $4.50
- Palladium, $566.90 Up $5.00
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.
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
