/articles.php
 
Home > Gold and Silver Latest News > Gold prices enjoyed a rally for most of the week, reaching 2-½ week highs

Gold prices enjoyed a rally for most of the week, reaching 2-½ week highs

30 Mar 2015 | Added by Lisa Casagrande

Gold & Silver Report - 30 March 2015

Gold prices enjoyed a rally for most of the week, reaching 2-½ week highs, after the previous week’s Fed meeting shifted expectations of a U.S. interest rate hike back to September and weakened the U.S. dollar. Geopolitical tension on the middle-east also supported Gold. The precious metal’s price eased on Friday as investors cashed-in their profits and the U.S. dollar stabilised.

Commodity

Units

Price

Change

% Change

COMEX Gold (April 15 delivery)

USD/t oz.

$USD1,199.80 ($AUD1,547.87)

-5.00

-0.42%

Gold Spot

USD/t oz.

$USD1,198.55 ($AUD1,549.01)

-6.26

-0.52%

 

COMEX Silver (May 15 delivery)

USD/t oz.

$USD17.07 ($AUD22.06)

-0.07

-0.41%

US Dollar Spot

USD/t oz.

$USD16.96 ($AUD21.92)

-0.16

-0.92%

 

Gold Price Bullion Bar

Silver price

On Monday Gold retained gains from the previous week, boosted by a weaker dollar and caution from the U.S. Federal Reserve on the timing of a possible rate hike. The metal entered a three-day rally that was near its highest in two weeks. Gold then retained its gains and entering a four-day rally rose to a 2-1/2 week high, the highest since March 6 as the U.S. dollar weakened under expectations that the hike could be pushed back to September.[1] On Wednesday and Thursday Gold held firm near the 2-1/2-week high on Wednesday, underpinned by economic data that showed U.S. business investment spending plans fell for a sixth straight month in February, further growing expectations of a later rate hike. Gold also drew safe-haven support from geopolitical tensions, with Saudi Arabia launching air strikes in Yemen in coalition with Gulf region allies to counter Iran-backed forces.[2] Gold finally eased on Friday after a seven-day rally as traders cashed in profits and as the dollar rebounded on strong U.S. data.[3] Investors were also cautious ahead of Friday’s comments from Janet Yellen, chair of the U.S. Federal Reserve.

The week before, gold had dipped to a four-month low in anticipation of the Fed meeting confirming higher U.S. interest rates, which dent demand for non-interest bearing bullion. The Fed’s cautious announcement shifted the market’s expectations to now expect the Fed to hold off until September. This also had the effect of causing investors to cut long dollar positions sending the U.S. plummeting from previous highs. The weaker dollar makes the yellow metal cheaper for foreign investors which further increases its appeal.[4] Howie Lee of Phillip Futures said "With the rate hike not expected until September, some unwinding of short positions on gold are expected and a weaker dollar in the interim is also set to boost demand for gold".[5]

On Friday, Janet Yellen’s comments were considered by some to be vague and ambiguous. However, the comments were probably reasonable given the complicated mix of positive and negative economic data from the U.S. of late. In particular, the recent growth is not yet strong enough to make a clear decision.

By Lisa Casagrande | https://www.goldbullionaustralia.com.au



[1] http://in.reuters.com/article/2015/03/23/markets-precious-idINL3N0WP6SH20150323

[2] http://in.reuters.com/article/2015/03/26/markets-precious-idINL3N0WS18Q20150326

[3] http://in.reuters.com/article/2015/03/27/markets-precious-idINL3N0WT1FJ20150327

[4] http://in.reuters.com/article/2015/03/25/markets-precious-idINL3N0WR06A20150325

[5] http://in.reuters.com/article/2015/03/23/markets-precious-idINL3N0WP3M220150323

By Lisa CasagrandeFacebook Gold Bullion AustraliaTwitter Gold Bullion AustraliaLinkedin Gold Bullion AustraliaGoogle + Gold Bullion Australia

RELATED ARTCILES

 March 30th Gold and Silver Market update 

 March 23rd Gold and Silver Market update 

 March 16th Gold and Silver Market update 

 March 9th Gold and Silver Market update 

 March 2nd Gold and Silver Market update 

 Feb 23 rd Gold and Silver Market update 

 Feb 16 th Gold and Silver Market update 

 Feb 9th Gold and Silver Market update 

 Feb 2nd Gold and Silver Market update 

 Jan 27 th Gold and Silver Market update 

 Jan 19 th Gold and Silver Market update 

 Jan 12 th Gold and Silver Market update 

 Jan 5th Gold and Silver Market update 

Dec 15th Gold and Silver Market update 

Dec 1st Gold and Silver Market update 

Nov 24th Gold and Silver Market update 

Nov 10th Gold and Silver Market update 

Nov 3rd Gold and Silver Market update 

Oct 20th Gold and Silver Market update 

Oct 6th Gold and Silver Market update 

Sept 22nd Gold and Silver Market update 

Sept 15th Gold and Silver Market update

Sept 8th Gold and Silver Market update

Could this be a golden opportunity to buy now?

Is silver bullion a safe or risky investment?

Is buying gold the right things to do?

What Is Happening with Gold and Silver Prices?

4 Things You Need to Know About Investing in Silver Bullion

Purity of gold and silver bullion

How To Sell Gold Bullion

How to buy gold and silver

Gold Price

Buying Gold & Silver for Superannuation Funds

Six reasons for Buying Gold Bullion

Is Silver a Good Investment Opportunity?

 

Comments


 
 
 
 
 
 
 
Username *
Password *   Forgotten your password?
Comment *