Daily Gold & Silver Market Report – 4/22/2016

Jennifer Carter

4/22/2016 9:33:00 AM

GOLD DOWN SLIGHTLY AS DOLLAR GAINS ON YEN          

Spot Gold is down Friday as the U.S. dollar gains ground against the yen. In Q1, Gold posted its best quarter in nearly 30 years on expectations the Federal Reserve would not raise interest rates this year due to volatile markets and concerns over the Chinese economy. The dollar is up one percent against the yen. Gold was down 0.1 percent at $1,247.05 per ounce after hitting a five-week high of $1,270.10 Thursday. "For Silver, we favor the market above $17, but expect volatility and further gains may be hard to hold. On the positive side, it appears that solar-panel demand is up and retail demand is solid for Silver," HSBC said, adding Gold may consolidate around $1,250 per ounce before rising.

Oil prices rose to $45 per barrel Friday, marking the third straight week of gains due in part to new cash in the market despite the oil glut.  Brent rose nearly 4 percent so far this week while WTI rose 7.7 percent. Even with the rally, the oil market is oversupplied in excess of about 1-2 million barrels a day. Goldman Sachs said in a note that it was "premature to embrace these green shoots", maintaining its view that a sustainable market balance, driven by declines in U.S. production, would take place in the third quarter of 2016. Goldman Sachs did change its view on energy from "underweight" to "neutral", citing a reduced likelihood of extreme downside.

 

At 9:33 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,245.60 Down $5.60
• Silver, $17.28 Up $0.15
• Platinum, $1030.50 Down $0.90
• Palladium, $612.10 Up$1.10

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