Spot Gold Hits 6-Week Lows
Cassie Bastien
9/28/2017 1:34:40 PM
Daily Gold & Silver Market Report – 09/28/2017
As the U.S. dollar continued to gain strength on increased expectations of the Federal Reserve raising interest rates one last time this year and President Donald Trump’s new tax cuts, Gold prices along with other Precious Metals continued to drop further, MarketWatch Reporters Myra P. Saefong and Sara Sjolin said. According to FactSet data, “Gold for December delivery gave up 0.1 percent, setting it on track for its lowest settlement price since August 16th, and a third straight day of losses.” Edward Meir, independent commodity consultant at INTL FCStone, said “We suspect that Gold will likely remain on the defensive for a little while longer, as the market currently is in the throes of a higher dollar/higher rates backdrop. ... Barring a major geopolitical shock, it sees the path of least resistance is lower still.”
Silver Prices Love Volatility
Andy Hecht, author of the weekly Hecht Commodity Report, recently posted, “Trading Silver is not for the faint of heart… Trading Silver requires a nimble approach to the market.” After a hawkish speech from Fed Chair Janet Yellen Tuesday afternoon, Silver spot prices dropped to four-week lows. Hecht, however, is not giving up just yet, according to Commodity Trade Mantra Reporter Sarah Benali. Although he does advise Silver bugs should expect rough waters ahead, Hecht did warn “it is possible that [Silver prices] will make any longs with stops below that level pay dearly.”
At 2:34 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,290.90 Up $3.30
- Silver, $16.97 Up $0.09
- Platinum, $923.00 Down $0.50
- Palladium, $936.80 Up $5.30
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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
