Daily Gold & Silver Market Report – 4/29/2016

Jennifer Carter

4/29/2016 9:53:00 AM

GOLD, SILVER UP AS DOLLAR FALLS

Gold hit a seven-week peak Friday, while Silver was up 1.4 percent to $17.78 per ounce, its highest since January 2015. The dollar saw its biggest loss against the yen in more than five years after the U.S. Federal Reserve decided Wednesday to leave interest rates unchanged, a decision that supported bullion. The Fed kept the door open to an increase in June, but showed little sign it was in a hurry to tighten monetary policy. "Investors' confidence is in jeopardy after the Bank of Japan's decision, and further fuel has been added by U.S. corporate earnings," Ava Trade chief market strategist Naeem Aslam said. Gold was up 0.9 percent at $1,277.61 an ounce at 11:30 a.m. GMT after peaking at $1,280.60.

Oil futures are set for a weekly gain and, despite recent uncertainty, are poised for a monthly gain of nearly 19 percent.  There has not been a cut in production and the meeting scheduled for April 17 between Russia and Saudi Arabia never happened.  “On a fundamental basis, the lack of any type of real cut in production, and a seeming indefinite impasse within and out of [the Organization of the Petroleum Exporting Countries] would strongly point to lower prices,” Commodities Watch managing editor and executive publisher Kevin Kerr said. But “technically, the charts remain bullish,” with a cap likely around $62 or $65 per barrel. To see long-term change, there will need to be a balance between demand and production.

At 9:53 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,287.50 Up $20.70
• Silver, $17.95 Up $0.34
• Platinum, $1076.80 Up $26.60
• Palladium, $622.40 Up $8.10

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