Daily Market Report 2/17/15

GOLD

During the long holiday weekend Gold traded in a very narrow range from $1,228 to $1,237. Trading volume in China is increasing as we approach the Chinese New Year (Year of the Goat). The Chinese New Year - celebrated this year on February 19th - marks the peak period for Chinese households to buy Gold. This morning the Gold price fell, after Cleveland Federal Reserve President Loretta Mester hinted that U.S. interest rates are going to rise in June. Gold reached a low of $1,204 per ounce before sizeable buying appeared. At 11am PST today, Gold is down $21 per ounce, trading at $1.208 on heavy volume.

SILVER

Silver followed Gold lower today, reaching $16.28 at one point. At 11am PST today, Silver is trading at $16.42 per ounce, down $0.88 per ounce on heavy trading volume.