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Tuesday, March 17, 2015

Precious metals end higher at Comex

Gold settles higher for third session in a row 


Bullion prices ended higher on Monday, 16 March 2015 at Comex. Gold futures settled higher on Monday for a third session in a row, as weakness in the U.S. dollar helped lift the metal's investment appeal, but pressure from a rally in the stock market kept a lid on gold's gains. The market is likely to get its next real cue from the results of the Federal Open Market Committee's closely watched meeting and policy statement set for Wednesday.
Gold for April delivery tacked on 80 cents, or 0.1%, to settle at $1,153.20 an ounce on Comex. 

May silver fared better, up 12.3 cents, or 0.8%, to $15.617 an ounce. 

The U.S. dollar index saw a corrective pullback on Monday after hitting a 12-year high last week. Meantime, the Euro currency was firmer on a short-covering bounce after hitting a 12-year low in early dealings Monday. 

Oil prices were lower and touched a fresh six-year low to start the trading week, as an already glutted world oil market faces the prospect of Iranian oil exports re-entering the world supply equation. Western nations and Iran are presently meeting and trying to agree on a deal that would lift Western sanctions against Iranian oil. However, many believe the complete lifting of the sanctions is still not likely any time soon. The weaker oil prices on Monday were a bearish factor that worked against the entire raw commodity sector. 

Traders and investors are awaiting this week's meeting of the U.S. Federal Reserve's Open Market Committee (FOMC), which begins Tuesday and ends early Wednesday afternoon. The market place is wondering about the timing of the FOMC raising interest rates, with some reckoning a hike could come as early as June and others wondering if a rate increase will even occur this year. Many look for the Fed to take the word “patient” out of its statement, regarding when to decide to raise interest rates. The FOMC will also release its latest economic projections Wednesday, and Fed Chair Janet Yellen will hold a press conference after the FOMC meeting. 

In overnight news, China during the weekend hinted it will continue to ease its monetary policy to boost its economic growth. The Chinese premiere said his country has more tools to use to boost growth, if such is warranted. His comments gave a boost to Asian stock and commodity markets. 
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