Daily Gold & Silver Market Report – 8/24/2016
Brandi Brundidge
8/24/2016 10:46:00 AM
UPCOMING FED MEETING ALREADY MOVING MARKETS
The market is already anticipating Federal Reserve Chair Janet Yellen speaking Friday, August 26 at the Federal Reserve of Kansas City's annual Economic Policy Symposium, held in Jackson Hole, Wyo. Analysts believe Yellen will refrain from commenting on the timing of increased interest rates and instead focus on risk management and global financial conditions. "The market is hoping that she's going to give us clarification, not only on long-term monetary policies, but also some clarity on current monetary policy," JPMorgan Managing Director Priscilla Hancock told CNBC's "Futures Now" Tuesday. "[However], it's likely that the market is going to be disappointed. [It] would be wise not to expect too much from Janet going into Friday. … We're still calling for a December rate hike. It seems to me that the GDP numbers and inflation are moving us down the path to where the Fed is going to look to a December hike. That is our base case."
Precious Metals are not the only commodity negatively affected by Friday’s upcoming Fed meeting in Jackson Hole, as the dollar fell against both the yen and euro Wednesday, with investors acting more conservative ahead of the summit. “The past few days have shown the markets lose a little direction,” Hantec Markets analyst Richard Perry said in a note. “Subsequently, there is a lack of willingness to take a view [which] reflects the uncertainty of what Yellen could come up with. Major markets across forex and commodities have become especially plateaued, with dollar/yen and Gold especially lacking impetus.”
At 11:45 A.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,327.80 Down $17.10
- Silver, $18.63 Down $0.40
- Platinum, $1,077.50 Down $31.30
- Palladium,$682.00 Down $18.90
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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
