Spot Gold Prices Mark Lowest Settlement in Five Weeks

Cassie Bastien

6/21/2017 12:17:56 PM

Daily Gold & Silver Market Report – 06/21/2017

Comments from the Federal Reserve raised investor concerns as talk of one more 2017 interest rate hike is in the works. According to FactSet data, prices for yellow metal futures ended at their lowest since May 16. Furthermore, the U.S. dollar strengthened, causing the investment appeal of Precious Metals to dull. Until there is any clarity of what happens next, “economic and interest-rate policy uncertainty will continue to hold sway over metals and currency trading,” MarketWatch Reporters Rachel Koning-Beals and Myra P. Saefong said. “This week’s economic data releases include leading economic indicators Thursday and Markit manufacturing PMI Friday.” However, Forex.com Technical Analyst Fawad Razaqzad said with a “lack of any major economic data this week, it remains to be seen if the dollar will be able to climb further, and what that would mean for Gold.”

Except for Silver, Commodity Gains On Soft Dollar

Helped by a somewhat softer dollar, commodity prices managed to pick up Wednesday, but only slightly. Action Economics said the dollar has been trading mixed-to-softer following a hawkish turn of the Bank of England chief economist, who now favors tightening policy after just last week voting in favor of no change. NASDAQ reports Precious Metal prices were in the green, although Silver slipped 0.4 percent to $16.35 per ounce. Additionally, oil was also back in positive territory, with modest gains.

• Stock futures for the September quarter on the S&P TSX index were recently up 0.2 percent. 

U.S. Crude Stocks Fall More Than Expected

Investing.com reports oil prices were much higher Wednesday as U.S. crude stocks fell more than anticipated within the last week. Reports show crude inventories were forecast to fall by 2.106 million barrels. However, gasoline stocks, which were expected to rise by 443,000 barrels, unexpectedly fell by 578,000 barrels after a rise of 2.096 million barrels the previous week.

At 1:17 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,247.80 Up $2.80
• Silver, $16.50 Down $0.04
• Platinum, $930.30 Up $5.80
• Palladium, $886.50 Up $9.40

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