Daily Gold & Silver Market Report – 8/29/2016
Paul Stevens
8/29/2016 11:23:00 AM
DOLLAR GAINS ON INTEREST RATE SPECULATION
Precious Metal prices continue their recent trend of volatility as investors return from the weekend. Comments by Federal Reserve President Janet Yellen this past Friday signaled investors to speculate a sooner-than-later interest rate increase this year. This news boosted the dollar and pressured metals. Pradeep Unni, head of trading and research at Richcomm Global Services, said, “The case for a September rate hike seems to have clearly increased and most economic data feeds are showing improvements. September and December hikes seem to be on the cards and any further strength in data feeds will only (reinforce) this view.”
Markets around the world are starting the week on the decline as they begin to price-in a possible interest rate hike by the U.S. Federal Reserve. Naeem Aslam, chief market analyst at ThinkMarkets, said, “The Fed is about to tighten the screw again on cheap money and one step closer to bringing the monetary policy to its normal path. This is not the kind of news that the equity traders are going to cheer and hence we are seeing this kind of reaction in the market.”
At 12:23 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,325.80 Up $0.50
- Silver, $18.81 Up $0.08
- Platinum, $1,081.00 Up $5.30
- Palladium,$699.99 Up $5.20
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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
