Precious metals prices hold as US stocks sell off

8:23 AM


August 17, 2016 -- Markets finished mixed yesterday. Gold and silver prices held their ground yesterday while US stocks sold off. The US dollar index ended down sharply and crude oil rallied strongly for the second day in a row.

Investors got a mix of positive and negative economic data with housing starts a bit stronger than expected and industrial production disappointing. The report on CPI showed price inflation a bit higher than estimated.

Fed officials also kept investors guessing. John Williams, President of the San Francisco Fed, suggested interest rates are likely to remain ultra-low for far longer than currently expected. Meanwhile his peer at the New York Fed, William Dudley, declared the Fed may hike rates as soon as next month.

These sorts of contradictory statements from the Fed have become commonplace in recent years, and they signal massive uncertainty regarding what the correct monetary policy should be.

Live prices at MoneyMetals.com show gold currently trading at $1347.55 per ounce on the global market, and silver is coming in at $19.71.

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