Daily Market Update

Gold Sanguine as Federal Reserve Raises Discount Rate

GOLD

Gold went on a strong run which peaked at $1,123.84/oz in US trading before dropping sharply back to $1,100/oz. It began Asian trading $1,105.00/oz before dipping to $1,101.00/oz. It has recovered since and Gold is currently trading at $1,108.00/oz and in Euro and GBP terms, gold is trading at €820/oz and £720/oz respectively.

The US Federal Reserve increased their discount lending rate to 0.75%, the first such move since 2006. Commentators are speculating that this will pave the way to an end to the zero interest rate policy in the States. This move spurred a rally in the dollar pushing the euro to a nine month low below 1.3500. As this was a purely a dollar story gold in dollar terms fell from its overnight highs while remaining steady against the euro and sterling. 

SILVER

Silver range traded this morning in Asia from $15.75/oz to $15.84/oz and it has moved up since. Silver is currently trading at $15.91/oz, €11.78/oz and £10.34/oz.
 

PGM’s

Platinum is trading at $1,510/oz and palladium is currently trading at $430/oz. While rhodium is at $2,500/oz.
 

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Stephen Flood
Chief Executive Officer

I am the CEO of GoldCore. We help investors buy and store gold and silver easily and cost effectively. We work with clients of every variety from wealth family offices to everyday people. We provide the very best market data and client service and we care deeply for our clients interests.

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