Spot Gold Hits 2-Week Highs

Cassie Bastien

7/17/2017 1:03:17 PM

Daily Gold & Silver Market Report – 07/17/2017

Gold prices finally started to show some strength, rebounding nearly 1.5 percent last Friday. It was the highest level in two weeks as “data pointed to weak U.S. inflation, reaffirming doubts that the U.S. central bank would again hike interest rates this year,” Reuters Reporters Chris Prentice and Eric Onstad said. Additional support for the Precious Metals market came from bond yields and the dollar index dipping to their lowest level since September 2016 following the weak data. Prentice and Onstad said, “The weaker greenback boosted Gold, making the dollar-priced commodity cheaper for investors holding other currencies.”

Banks Cut Forecasts for Silver Prices

After a second-quarter drop of nearly 9 percent, banks are expecting to cut their Silver forecasts. Jan Harvey with Reuters said, “A poll of 39 analysts and traders conducted by Reuters this month returned an average Silver price forecast of $17.32 an ounce for 2017, down from an average view of $17.98 in a similar poll conducted three months ago.” Harish Galipelli, head of commodities at Inditrade Capital, said, "The weakness in base metals along with weakness in Gold seems to have impacted Silver prices more, with it being both a Precious... and an industrial metal.” In Q2, Harvey reports the gray metal was the worst performer of all Precious Metals; . However, due to an uptick in industrial demand, Galipelli said “it may see a revival in late 2017 and 2018.”

U.S. Mint Lifts Ordering Restrictions for Proof Platinum American Eagles

The 2017-W Proof Platinum Eagle went on sale from the U.S. Mint at noon (ET) July 6. During the first week of sales, nearly 77 percent of the maximum mintage of 10,000 coins was sold, prompting the mint to lift initial ordering restrictions. As CoinWorld.com reports, U.S. Mint Spokesman Michael White says through July 13, sales reached 7,695 coins at $1,300 per coin. The initial ordering restriction of one coin per household was lifted just before noon July 10.

At 2:04 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,237.60 Up $6.90
• Silver, $16.25 Up $0.20
• Platinum, $931.60 Up $6.10
• Palladium, $873.90 Up $9.20

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