Daily Gold & Silver Market Report – 6/13/2016
Paul Stevens
6/13/2016 1:36:30 PM
METALS CONTINUE CLIMB AS MARKETS AROUND THE WORLD LOSE GROUND
As investors return from the weekend, Precious Metals prices are gaining, with Gold reaching its highest point since mid-May. The dollar continues to lose ground as speculation that a summer interest rate hike by the Federal Reserve is off the table and fears mount over Britain’s upcoming vote to exit the European Union. Danske Bank analyst Jens Pedersen said, “Following the labour market report a Fed rate hike has been priced out for June and July, and at the same time it seems as if odds for the U.K. to leave the European Union have come back up again. Those two factors are benefiting Gold.”
Stocks in each corner of the globe are also on the decline and being impacted by a global selloff. As the world economy continues to struggle, some strategists believe things could be bleak for a while. Karyn Cavanaugh, senior market strategist at Voya Financial, said, “It started in China and the domino continued with Europe because of [the referendum on whether Britain will leave the European Union , referred to as] Brexit and then spilled over to the U.S. There is nothing to give the market the mojo it needs and investors will have to get used to it for a while.”
At 2:35 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,285.90 Up $10.30
- Silver, $17.49 Up $0.11
- Platinum, $992.40 Down $1.80
- Palladium, $542.90 Down $4.10
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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
