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In this Weekly Market Report for Precious Metals we see prices drop toward the end of the week and make a slight recovery on Monday. Markets have remained fairly steady over the week as investors wait for the Federal Reserve meeting, which begins on Tuesday, September 20, 2016. Markets in the U.S. have been susceptible to speculation about the Fed raising interest rates for months, with that in mind precious metals actually remained quite stable this week. It is unlikely that the Fed will raise rates at this meeting. Investors will be listening to comments from Fed Chair Janet Yellen on Wednesday for indicators on whether or not they will aim for a December increase. This is a similar pattern to what has been happening all year. At the same time this coming week, the Bank of Japan is meeting. There are some concerns that they will choose to go farther into negative rates, which would create a relational rate hike against the yen for the basket other currencies that the dollar index measures against.
Gold started the week at $1328.50 per ounce. On Thursday gold was down to $1310.80 and on Friday it ended down again to $1308.35. On Monday gold got a boost, thanks to a weaker U.S. dollar, gold ended at $1314.85. Low interest rates and a weak dollar are good news for gold. A hawkish tone from the Fed could result in some losses later this week, as that would certainly give the dollar a boost.
Silver began the week at $19.16. It fell below $19.00 on Thursday to end at $18.96. On Monday silver was up again to $19.12. Regular trading is what pushed silver up 2.00% on the day. Silver will follow trends this coming week as investors wait for work from the Fed.
Platinum started at $1055.00 this week and was down to $1012.00 by close on Friday. It also got a boost on Monday, up to $1021.00. Again, we expect platinum to follow gold’s lead this coming week.
Palladium began the week at $663.00 and was down to $652.00. Palladium saw a bigger boost on Monday, ending at $681.00.
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