The weekly market report for precious metals continues to look dim for gold but is maintaining positive price points for silver and platinum. Oil prices have recently reached an all-time low in nearly a decade, negatively impacting gold value and other precious metals due to an association in falling share prices. Since last week’s spike low, the U.S. dollar index has rebounded, also negatively effecting the raw commodity sector, including all precious metals; However, the U.S. Federal Reserve is expected to raise interest rates next week at the policy meeting on December 15-16, 2015.
This Tuesday, gold has lowered moderately in the U.S. and U.K. Crude oil is experiencing a seven-year low equaling below $37.50 per barrel, which directly affects gold prices. Spot gold recently rose 0.3 percent to $1,073.30, while U.S. gold futures fell to $1,072.50 an ounce. The longterm future looks good for gold according to Commerzbank– the gold price will likely bottom out in the first quarter of 2016, but the price of gold is expected to climb to $1,200 an ounce by the end of 2016– this will be a result of a demand from Asia and the interest rates rising.
Silver and Platinum
Silver and platinum are currently still safe bets. Silver is up 0.3 percent at $14.15 an ounce. Meanwhile, Platinum has risen 0.8 percent to $860.10, since Platinum is in high demand and the supply is low. These numbers are looking up, while gold seems to continue to decline for the time being. With gold prices expected to rise by the end of 2016, silver and platinum costs should also continue to shift positively.
These numbers may not currently be in your favor, but don’t lose hope, as gold has traditionally been and will continue to be an excellent longterm individual investment. For more information about keeping your investments profitable, contac