Daily Gold & Silver Market Report – 8/12/2016

Jennifer Carter

8/12/2016 9:44:00 AM

GOLD DOWN AWAITING U.S. DATA

Gold is down slightly Friday morning ahead of the U.S. retail report.  This report will liken the speculation that the Federal Reserve will raise interest rates this December after the election. Spot Gold was up 0.1 percent at $1,339.90 an ounce by 1205 GMT, while U.S. Gold slipped 0.4 percent to $1,345.10 an ounce. Holdings of SPDR Gold Trust, the world's largest

Gold-backed exchange-traded fund, fell 0.03 percent to 972.32 tonnes on Thursday.  "A fall below $1,330 would be a bearish signal for Gold but there are not many reasons to be strongly positive in the short term, with the Fed rate hike dilemma still ongoing," ActivTrades chief analyst Carlo Alberto De Casa said.   Investors will be monitoring the report later today. Gold is sensitive to the interest rate.

San Francisco Fed President John Williams agrees with the December rate increase.  Williams doesn’t feel that an increase would break the economy. “We’re not getting anywhere close to the brakes here. But we need to continue to execute on the basic strategy that we’ve laid out over the past couple of years, and that’s a gradual path of removing accommodation, taking our foot very gradually off the gas,” Williams said. His opinions are followed closely by Fed chair Janet Yellen. Williams is not a voting member of the policy committee.

At 9:41 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,353.80 Up $6.80
• Silver, $20.22 Up $0.15
• Platinum, $1,145.30 Down $8.40
• Palladium,$692.50 Down $0.30

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