Daily Gold & Silver Market Report – 10/20/2016
Marcey Hollon
10/20/2016 4:52:00 PM
GOLD EASES AFTER 3 DAY RISE FOLLOWING COMMENTS FROM ECB AND HOME SALES
The European Central Bank left interest rates unchanged Thursday helping boost the euro. The ECB continues to provide stimulus in an effort to prop up its economy with keeping interest rates at all-time lows. Extreme low rates tend to help support the precious metal even with a weaker currency. Spot Gold was down 0.2 percent at $1,266.40 per ounce as the dollar index rose against a basket of currencies and got a boost from better than expected U.S. homes sales.
"Sales rose to 5.47 (million) during the month, that's 3.2 percent higher than a month ago and in contrast to the most recent reading on pending home sales," said Royce Mendes, director and senior economist at CIBC Capital Markets in Toronto. "The divergence suggests that the momentum higher could be short lived." Polls have predicted a win for Democrat Hillary Clinton and is viewed as an easing of the way for the Federal Reserve to raise interest rates.
At 5:50 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,267.70 Down $3.70
- Silver, $17.58 Down $0.14
- Platinum, $935.20 Down $7.30
- Palladium,$633.50 Down $3.00
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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
