Daily Gold & Silver Market Report – 9/22/2016

Marcey Hollon

9/22/2016 10:58:00 AM

GOLD DOWN AS DECEMBER U.S. RATE HIKE MORE LIKELY; NASDAQ HITS RECORD HIGH AS RATES UNCHANGED

The U.S. Federal Reserve remained steadfast and left interest rates unchanged for September but signaled a hike is likely by the end of the year. Spot Gold fell 0.2 percent while Gold futures rose 0.5 percent on the news. Upcoming data, such as the GDP, non-farm payrolls and inflation, will be scrutinized for clues to U.S. economic health and which direction interest rates will go. "The Fed have signaled that if everything stays the way it is then December is more than likely the next rate rise and this will keep a lid on any rally," Marex Spectron Head of Precious Metals David Govett said in a note. "However, Gold's good recovery once again from the support area will discourage any aggressive selling." Govett added the yellow metal would likely trade between $1,310-$1,350 per ounce in the absence of fresh news.

Just a day after the Federal Reserve decided to leave rates unchanged, the NASDAQ hit a record intraday high. Policymakers think there is still room for improvement in the labor market. Most economists believe a rate increase is likely in December, just after the presidential election. "The Fed probably appeared less hawkish than what the markets had expected," RBC Global Asset Management Head of Equity Trading Ryan Larson said. "I think the market continues to be focused on the Fed pushing a hike for later as a good thing rather than bad."

At 11:57 P.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,344.80 Up $14.50
• Silver, $20.08 Up $0.32
• Platinum, $1,065.20 Up $16.30
• Palladium,$699.90 Up $14.90

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