Daily Market Review – March, 16

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Gold Price increased to $1,225.80 (+0.50%) per ounce, Silver Price $17.29 (-0.20%), Platinum Price $955.00 (+0.32%), Palladium Price $766.00 (+0.79%), Dow Jones Index 20,934.55 (0.07 % decrease).

 

U.S. Dollar vs Precious metals

The US dollar index traded slightly slower, hitting a one-month low after Fed’s announcement of an increased interest rate. However, a weaker dollar has helped to rally the gold market, moving the gold price up by 0.50% to $1,225.80 per ounce. Silver spot price is down by 0.20% after hitting $17.58 per ounce earlier this session. Overall, precious metals prices ended the Thursday session sharply higher, reviving after a two-week meltdown in prices.

As it was widely anticipated, Federal Reserve’s Open Market Committee concluded its two-day meeting yesterday by increasing its interest rate with 0.25%, setting Fed on a likely path of several regular hikes ahead. The Federal Reserve is expected to hike 2 more times this year, most probably in June and December, although the market was expecting four rate hikes in 2017.

 

Stock Market Today

As Fed confirmed its decision to increase the interest rate the second time in three months, the US stock market opened higher this morning. However, Dow Jones Index slightly decreased by 0.07% and S&P down with 0.16% while NASDAQ slightly rose by 0.01%, influenced by a selloff in health care which challenged the optimism from the increased rates.

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