Daily Gold & Silver Market Report – 5/24/2016
Paul Stevens
5/24/2016 10:09:00 AM
METALS DECLINE ON FED RATE SPECULATION
Precious Metal prices are down during Tuesday morning trading hours. As the dollar continues its recent rally, investors are eyeing the economic data being released Tuesday, speculating when the Federal Reserve’s next interest rate hike will take place. Allianz Global Investors' emerging markets portfolio manager Shahzad Hasan said, “Everyone is worried about a June hike from the Fed. I think what is more important is the language if they do hike. Do they continue or do they stop after June, and what is the trajectory for the Fed funds rate in 2017.”
Stocks around the world are rebounding and trading higher as the Dow jumped 150 points and European stocks also showed gains. However, with the energy sector still in question and the world’s major economies still struggling, some strategists aren’t sure we’ve turned the curve. Katie Stockton, chief technical strategist at BTIG, said, “We think U.S. equities will have an upward bias this week, supported by short-term positive divergences, but we expect resistance at the April highs to remain largely intact.”
At 11:09 A.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,236.80 Down $16.50
- Silver, $16.43 Down $0.05
- Platinum, $1010.60 Down $2.00
- Palladium, $546.00 Down $5.80
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
