Silver and Gold Prices Drop
Cassie Bastien
3/1/2017 9:28:07 AM
Daily Gold & Silver Market Report – 03/01/2017
With recent hints of a possible March interest rate increase, Gold prices began to drop early Wednesday morning. San Francisco Federal Reserve President John Williams said late Tuesday that an interest rate rise “is on the table for serious consideration” at the Fed’s policy meeting scheduled for mid-March. Comments from New York Federal Reserve President William Dudley sent the odds of a March rate hike soaring to 70 percent and also lifted the dollar, moving it up 0.29 percent to 101.65. MarketWatch Senior Economics Reporter Greg Robb noted, “Over the past month, many Fed officials have said the economy is likely to warrant a rate hike fairly soon.” In addition to the yellow metal, Silver prices also took a hit Wednesday after President DonaldTrump assured a “massive tax relief” for the middle class, Sam Bourgi with Economic Calendar said.
- The U.S. dollar index advanced to a new rally high Wednesday, climbing 0.7 percent to 101.85.
- May Silver futures declined 11 cents, or 0.6 percent, to $18.36 per ounce at 7:30 a.m. (ET) (EconomicCalendar.com).
Wall Street Cheers Trump Speech
Indexes were set to open at record highs Wednesday, with Dow futures gaining more than 100 points and the S&P 500 and Nasdaq futures advancing 13 and 27 points, respectively. Investors are still processing President Donald Trump’s economic plans, including healthcare and immigration reforms, tax relief and a $1 trillion dollar infrastructure investment plan. CNBC reporter Luke Graham said personal income topped expectations, rising 0.4 percent in January, and “the personal consumption expenditures price index jumped 1.9 percent in the 12 months through January, putting inflation very close to the Federal Reserve's target of 2 percent.”
At 10:27 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,244.00 Down $11.80
- Silver, $18.45 Down $0.07
- Platinum, $1,019.70 Down $11.30
- Palladium, $776.90 Up $3.60
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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
