In this Weekly Market Report for Precious Metals we see stability across the board with gold making gains. As expected, at the press conference following the Federal Reserve meeting last week it was announced that interest rates will not be raised right now. However, Fed Chair Janet Yellen did leave the door open for December. Yellen said that there has been “some modest pickup in wage growth,” and last week’s Census Bureau report on U.S. household income was “encouraging.” Going forward, she said there should be further acceleration in wages as the labor market continues to improve. Yellen did express some optimism, explaining that we are still getting a healthy pace of job-market growth with very slow economic growth. This coming week investors will be watching the OPEC meeting in Algiers to see if they will make an effort to reduce crude oil output, which would increase prices. However, any significant increase in oil prices could seriously hurt China, Japan, South Korea and the emerging economies of Indochina.
Gold started the week at $1315.40 per ounce. By Thursday, it was up to $1339.10. On Friday gold was down only slightly to $1338.65. On Monday it ended up again to $1340.50. Overall trading was slow on Monday and the weaker dollar helped give gold a slight boost.
Silver began the week at $19.17. By Thursday silver got a big price boost up to $19.87. On Monday, silver fell 1.50% to end at $19.44.
Platinum started the week at $1026.00. On Thursday it was up to $1059.00. Platinum dropped on Monday also, ending at $1036.00.
Palladium began at $688.00, and it was up to $697.00 on Thursday. Monday saw prices dip down to $691.00.
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