Gold Silver Market Report 29th September 2015

Regular updates at https://www.facebook.com/goldsilvercitysg

Fundamentals and News*:

Gold Holds Biggest Decline in a Month as Fed Rate Increase Looms

  • Goldheld the biggest drop in a month and headed for a fifth quarterly loss on expectations the Federal Reserve will raise U.S. interest rates before the year is over, countering demand for a haven amid a commodity and equity slump.

 

  • Bullion for immediate deliverytraded at $1,132.82 an ounce at 9:48 a.m. in Singapore from $1,131.95 on Monday, when it dropped 1.2 percent, the most sinceAug. 26, according to Bloomberg generic pricing. A fifth quarterly decline would be the worst run since 1997.

 

  • The Fed will probably increase interest rates later this year and tighten policy gradually thereafter, New York Fed President William C. Dudleysaid Monday, echoing the sentiment of Chair Janet Yellen that an uncertain global outlook won’t postpone liftoff into 2016. Gold fell on Monday even as a selloff deepened in global equities and commodities markets.

 

  • “Gold is no longer exactly a safe haven,” Bernard Aw, a strategist at IG Asia Pte in Singapore, said in an interview on Tuesday. “Yesterday we didn’t really see a big jump in risk aversion despite all the selloff in U.S., European equity markets.”

(*Source:Bloomberg)

 

v  Data Forthcoming Releases:

 

Time*CountryToday’s EventsForecastPreviousActual
4.30pmUSDGoods Trade Balance-57.3B-59.1B 
5.00pmUSDS&P/CS Composite-20 HPI y/y5.1%5.0% 
6.00pmUSDCB Consumer Confidence96.2101.5

 

Resistance & Support Levels:

PeriodR3R2R1S1S2S3
Gold$   1,172.1 $   1,158.6 $   1,150.2 $   1,123.2 $   1,114.9 $   1,101.4
Silver$      15.52 $      15.24 $      15.06 $      14.50 $      14.33 $      14.05

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