Metals market update for March 19

March 19, 2015 12:43 PM

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Today’s AM fix was $1,164.00, €1,091.52 and £781.10 per ounce.
Yesterday’s AM fix was $1,149.00, €1,080.50  and £782.91 per ounce.

Gold climbed 1.96% percent or $22.50 and closed at $1,171.00 an ounce yesterday, while silver surged 3.21%  or $0.50 at $16.06 an ounce.

In Singapore, bullion for immediate delivery ticked lower after the sharp gains seen on Wall Street.

Yesterday’s dovish tone of the U.S. Fed policy statement that left out the word “patient” sent precious metals upward and pressurized the U.S. dollar.

The Fed downgraded its economic growth and inflation projections for the first time since 2006, hinting that it is in no rush to push borrowing costs to more normal levels. It also cut its median estimate for the federal funds rate.

It is important to note that the Fed has been suggesting it will raise rates for many years now.

About the Author

Mark O'Byrne is executive director of Ireland-based GoldCore.