Daily Gold & Silver Market Report – 7/1/2016
Jennifer Carter
7/1/2016 9:44:00 AM
GOLD,SILVER, PLATINUM HIT HIGHS
Spot Gold is up one percent Friday for its fifth-straight weekly gain. The yellow metal’s 8.8 percent rise in June is its biggest rise since February of this year. Silver benefited from Gold’s strength, breaching $19 for the first time since September 2014. It rose as much as 3.8 percent to $19.40 and was on track for its best week since August 2013, having gained more than 8 percent so far. Other Precious Metals such as Platinum also hit their highest point since mid-May. The dollar fell against other currencies, further driving up prices. "For Gold, the initial reaction was safe-haven demand due to the uncertain political situation in Europe, but then the latest move might be more of a reaction to comments from central banks that they are moving to an easing bias," Danske Bank senior analyst Jens Pedersen said. "Near term, the pivotal moment for Gold will be next Friday's (U.S.) jobs report, because a decent print will at least remove the uncertainty about the state of the U.S. jobs market and the [U.S. Federal Reserve’s] decision to postpone any rate hike would be more about the external effect of the Brexit vote on the U.S. economy."
Oil prices are down Friday, feeling continued uncertainty about the impact of the Brexit referendum. Brent crude, the global oil benchmark, fell 0.3% to $49.56 a barrel on London’s Intercontinental Exchange (ICE). The weakening dollar generally brings up the oil price, but it has fallen to multiple other currencies. “The U.K. Leave vote has added another nail to the coffin for global oil demand in 2016,” Barclays analysts said in a report Friday. “The path of oil prices is likely to track the political uncertainty in the months ahead.”
At 8:45 A.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,342.40 Up $22.00
- Silver, $19.46 Up $0.85
- Platinum, $1052.70 Up $30.40
- Palladium, $603.10 Up $4.30
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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies
