Daily Gold & Silver Market Report – 4/26/2016

Paul Stevens

4/26/2016 11:25:00 AM

METALS MOVING UP AHEAD OF FED, BOJ POLICY MEETINGS

Gold and Silver prices are experiencing a bump during Tuesday morning trading hours, as U.S. economic data showed weaker-than-expected durable goods data, causing the dollar to decline.  Alvin Tan, a currency strategist at Société Générale, said, “We haven’t seen a big revival in [corporate investment], So that basically tells you that growth will continue to be lackluster.”  Gold historically has an inverse relationship to the dollar, so the news should continue to boost Gold’s safe-haven appeal.

As investors around the world watch the markets for direction, policy meetings held by the U.S. Federal Reserve and the Bank of Japan will be closely monitored. With inflation slowly rising and economies around the world struggling to sustain growth, a dovish tone from the Federal Reserve is expected.  When referencing prior statements made by Federal Reserve Chair Janet Yellen, Ameriprise Financial Chief Market Strategist David Joy said, “She indicated more or less the possibility of two rate increases. We think that that's still a realistic possibility. Probably one is more likely between now and the end of the year, but I think they're going to leave it exactly where she indicated.” 

At 12:27 P.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,243.80 Up $2.60
• Silver, $17.16 Up $0.10
• Platinum, $1017.40 Down $0.60
• Palladium, $607.60 Up $1.00

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