Daily Gold & Silver Market Report – 9/16/2016

Jennifer Carter

9/16/2016 10:09:00 AM

GOLD DOWN, SET FOR SLIGHT WEEKLY DECLINE              

Spot Gold was down Friday after U.S. data further dropped expectations of a September interest rate increase from the Federal Reserve. The dollar is trading higher, pushing the yellow metal toward its first loss in three weeks. "Gold didn't get much of a bounce yesterday from the retail sales data, which is somewhat surprising," Mitsubishi analyst Jonathan Butler said. "But if we look at what's happening elsewhere, oil's been down this week, equities are holding onto the some of their gains, and those things present something of a headwind to Gold. Things are largely on hold ahead of the Fed and Bank of Japan meetings next week." Even though investors agree there will probably not be a September rate hike, the majority believe there is still a chance for December.

Both the Federal Reserve and Bank of Japan meetings are set for September 20-21. These meetings will influence not only the dollar but Precious Metals as well.  Ahead of the meetings, investor focus is on the inflation rate.  U.S. Labor Department data released Friday showed higher rent and surging medical and prescription-drug costs. The Consumer Price Index rose 0.2 percent in August, higher than the 0.1 percent a recent MarketWatch poll expected. Excluding the food and energy categories, which tend to be volatile, the core consumer prices climbed 0.3 percent. Inflation generally increases the appeal of Precious Metals as a hedge.

 

At 10:09 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,309.40 Down $7.80
• Silver, $18.78 Down $0.27
• Platinum, $1,013.00 Down $20.80
• Palladium,$660.90 Up $3.30

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