Daily Gold & Silver Market Report – 5/13/2016

Jennifer Carter

5/13/2016 10:58:00 AM

GOLD DOWN SLIGHTLY AS DOLLAR HITS A HIGH           

Spot Gold is down slightly Friday as the U.S. dollar hit a two -week high against a few different currencies.  If there is proof of a strong economy when the retail sales report comes out, the Federal Reserve said they believe the interest rates should be raised.  Gold has gained 20 percent in 2016 but is down one percent so far for the week. "The move (in the Gold price) this year has really been down to the shift in the U.S. policy expectations," Deutsche Bank analyst Michael Hsueh said. "It's more about when we start to see any improvement in U.S. data that could push the pendulum the other way and push the dollar higher."

The U.S. Commerce Department said Friday retail sales for April jumped 1.3 percent, the largest gain since March 2015, which could signify the economy is gaining momentum. March retail sales were revised to show a 0.3 percent decline instead of the previously reported 0.4 percent drop.  This may be due to lower gas prices, but most of those savings were put back into other places like rising rent. In April, auto sales rose 3.2 percent, the largest increase since March 2015, after slumping 3.2 percent in March. Receipts at service stations increased 2.2 percent, reflecting recent increases in gasoline prices.

At 10:58 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,274.00 Up $1.80
• Silver, $17.15 Up $0.02
• Platinum, $1047.90 Down $5.50
• Palladium, $593.20 Down $4.50

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.