Silver Prices Fall Below $18.00

Cassie Bastien

4/10/2017 11:18:27 AM

Daily Gold & Silver Market Report – 04/10/2017

Spot Silver prices were greatly affected Monday morning as the U.S. dollar rose to more than three-week highs against a basket of other major currencies, causing the gray metal to fall more than 1.5 percent, said Economic Calendar financial market analyst Sam Bourgi. Despite a much weaker than expected nonfarm payroll report, the greenback managed rose more than 2 percent since March 27. Investors and financial markets will keep a close watch on Federal Reserve Chair Janet Yellen, who is scheduled to discuss public policy Monday afternoon.

Spot Gold Prices Steady as U.S. Dollar Picks Up

The price of Gold began to steady Monday after recent five-month highs due to what BusinessDay reporter Jan Harvey calls “a firmer dollar counterbalancing concern over geopolitical tension in North Korea and the Middle East.” Harvey said the yellow “metal rose above $1,270 [per ounce] on Friday for the first time since early November after much weaker than expected U.S. jobs data curbed the expectation for near-term increases in U.S. interest rates and after the U.S. launched a missile strike on a Syrian air base.” ABN Amro analyst Georgette Boele said, "If you look at the other drivers as well, like U.S. yields and signals from the Fed, it is a difficult environment to have a runaway rally in Gold.” Furthermore, information regarding more interest rate hikes for 2017 has proved a major drag on Precious Metals.

U.S. Stocks to Drive Higher Regardless of Politics?

As we have all seen in recent news, the financial market is driven more by earnings than politics, which became evident when President Donald Trump failed to enact the American Health Care Act (AHCA). MarketWatch Reporter Kevin Marder says, “The importance of the failure should not be underestimated since the president's tax-reform plan was to have relied, to a degree, on savings from the AHCA.” He continued, “All of this is bullish for the equity market, which tends to perform better amid something it can sink its teeth into, such as an improving earnings climate or, particularly, a central-bank rate-cutting campaign.” Recent news regarding the Middle East reminded investors the market can do anything at any time, and as Marder notes, “geopolitical incidents often provide a buying opportunity.”

At 12:18 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,269.30 Up $0.80
• Silver, $18.46 Down $0.19
• Platinum, $968.60 Down $18.90
• Palladium, $807.80 Down $13.30

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