Daily Gold & Silver Market Report – 7/22/2016
Jennifer Carter
7/22/2016 10:18:00 AM
GOLD CLIMB SLOWED BY STRONGER DOLLAR
Spot Gold is down 0.5 percent Friday to $1,324.66 per ounce at 1011 GMT, set for a decline around 1 percent for the week. Tensions surrounding a potential U.S. interest rate increase and loose monetary policy from European and Japanese central banks caused Gold to hit a two-year high earlier this month. The stronger dollar and the labor reports caused expectations of an interest rate increase this December after the election. "People think the international situation is enough to keep the Federal Reserve on hold, but there's some slight nervousness," Macquarie analyst Matthew Turner said. "The assumption that the Fed is more cautious now is surely correct as it didn’t manage to do the hiking cycle it wanted, but being more cautious does not mean completely paralyzed. There’s a slight down cycle for gold at the moment as there has been a string of good U.S. data." Silver neared a two-week low Thursday, hitting $19.63 an ounce, while Platinum lost 0.3 percent to $1,095.00 per ounce.
Crude oil also saw a slight loss on Friday. Investors are reassessing oil stocks in the U.S., as well as in Europe and Asia. "The narrative of a balanced oil market (in the second half of 2016) has so far been an illusion," UBS oil analyst Giovanni Staunovo said. "Supply might actually increase in the near term with the further return of disrupted production and higher Middle East production, while demand growth is set to slow in emerging Asia." U.S. crude and oil product stocks rose 2.62 million barrels to an all-time high of 2.08 billion barrels as gasoline stocks posted a surprise summer build of 911,000 barrels.
At 10:18 A.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,325.10 Down $8.40
- Silver, $19.77 Down $0.08
- Platinum, $1,096.80 Down $9.20
- Palladium, $686.40 Down $0.10
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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
