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Market Report: Turning the corner

Sunday, March 19, 2017 11:30
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wealth.goldmoney.com / BY ALASDAIR MACLEOD / MARCH 17, 2017

The long-awaited event of the week was the Fed raising the Fed funds rate by ¼%. Everyone knew it was coming, and what it would be.

The market effect was a strong dollar ahead of the event, and weak precious metals. There was profit-taking in the dollar afterwards, so precious metals bounced. Entirely predictable.

Gold rose $23 on the week to $1227 by early European trade this morning (Friday), and silver by 27 cents to $17.30. Silver was relatively weak yesterday in US trade, compared with gold, tracking the profit-taking in copper, while gold continued to firm up against a weakening dollar.

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