Daily Gold & Silver Market Report – 7/15/2016
Jennifer Carter
7/15/2016 9:26:00 AM
GOLD DOWN AS DOLLAR RISES; TERROR ATTACK COUNTERS POSITIVE DATA
Spot Gold is down Friday for its first weekly loss since May. The U.S. dollar has steadied, but global uncertainty caused the metal to decline slightly, easing 0.2 percent to $1,333.10 an ounce. Strong U.S. jobs data and the Brexit vote have pressured the metal following a six-week gain. "Investors are taking profits, but $1,300 is now a floor for Gold and that is going to hold moving forward," ING Bank Senior Strategist Hamza Khan said. "Wider political issues such as the U.S. elections and then French and German elections next year are enough to support Gold even though markets are rallying on the low interest rates environment and the quest for yields." With no hurry by the Federal Reserve to raise interest rates, Gold is expected to fall near $1,313 per ounce.
Stocks also waivered Friday as a terror attack in France overshadowed better-than-expected economic data from China. Dow Jones Industrial Average futures rose 7 points to 18,434, while S&P 500 futures inched up 0.55 points to 2,157. “Better-than-expected Chinese economic data has driven a continuation of the risk recovery across forex that we have seen in the past few days, whilst Gold is still under corrective pressure,” Hantec Markets analyst Richard Perry said in a note. “However, following another terrorist attack in France overnight risk appetite is just being held back and there may be a slight shift towards some of the safer haven plays.”
At 9:26 A.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,325.70 Down $8.80
- Silver, $20.13 Down $0.20
- Platinum, $1091.00 Down $11.60
- Palladium, $645.50 Down $7.10
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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
