Daily Gold & Silver Market Report – 9/30/2016
Jennifer Carter
9/30/2016 9:44:00 AM
GOLD, DOLLAR UP SLIGHTLY AS STOCKS SLIDE
Spot Gold is up Friday due to concerns about Deutsche Bank, as a report that several hedge funds withdrew excess funds from Germany’s biggest lender triggered a sharp equities selloff. The yellow metal would be slightly higher, but a positive dollar limited its gains. Gold has gained one percent so far in September, due partly to the weaker dollar after the U.S. Federal Reserve chose not to raise interest rates this month. Gold is sensitive to interest rates and the Fed is expected to raise them in December. "If there is a rush to safety, then Gold is a top contender," ING Head of Commodities Strategy Hamza Khan said. "There are also fundamental drivers supporting Gold prices, including demand from the Russian and Chinese central banks and uncertainty about the U.S. Federal Reserve raising rates."
Oil prices fell Friday over uncertainty about the Organization of the Petroleum Exporting Countries (OPEC) agreeing to cut oil production. There has been a longstanding tension between OPEC’s members. Since most oil producers are private companies, they generally want to produce more oil when prices rise. Oil prices have risen more than 7 percent since Wednesday after OPEC surprised the market, reaching an initial agreement to cut oil output between 32.5 million barrels and 33 million barrels per day, down from August outputs of 33.2 million barrels per day. A definitive policy will be discussed at OPEC’s next meeting, November 30.
At 09:44 A.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,328.40 Up $3.40
- Silver, $19.70 Up $0.51
- Platinum, $1,040.50 Up $6.30
- Palladium,$725.20 Up $4.70
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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
