Gold Prices Finally Hit $1,260

Cassie Bastien

7/24/2017 12:46:21 PM

Daily Gold & Silver Market Report – 07/24/2017

As investors adjust expectations ahead of the Federal Open Market Committee meeting scheduled for Wednesday, in addition to second-quarter GDP data due Friday, Precious Metal prices have been on the rise. Demand for Gold has been supported in recent weeks with uncertainty surrounding “another attempt by the [U.S.] Senate to repeal Obamacare and headlines coming from Russia-gate,” FXStreet Reporter Pablo Piovano says. “Expectations of a more gradual approach from the Fed to its tightening cycle are also lending fresh legs to the rally.” According to CME Group’s FedWatch tool, the chances of a third rate hike at the December meeting stays at just above 43 percent.

Silver Prices at 3-Week Highs

Investors set their sights on a flood of market-moving events in the coming days, causing Silver to extend its small rally to reach three-week highs. Financial market analyst for EconomicCalendar.com Sam Bourgi says, “Silver is on track for its seventh consecutive advance and tenth of the past 11 days.” Furthermore, the U.S. dollar is trading at 11-month lows against what Bourgi calls a basket of major currencies. The Federal Open Market Committee will being its two-day meeting in Washington Tuesday with the official rate announcement coming at 2 p.m. (ET) Wednesday. Bourgi notes, “The official statement may provide direction on the future of monetary policy, including the Fed’s plan to unwind its massive $4.5 trillion balance sheet.”

• The dollar index (DXY) closed at 93.86 on Friday, reflecting a year-to-date loss of 8.2 percent.

President Trump to Deliver Statement on Health Care

President Donald Trump is scheduled to deliver a statement in regards to health care at 3:15 (ET) Monday, following what the White House calls “a greeting with victims of Obamacare.” In a Twitter post Sunday, CNBC's Everett Rosenfeld reports, Trump “offered an opinion on the state of the Republican attempt to change the U.S. healthcare system,” saying “If Republicans don't repeal and Replace the disastrous Obamacare, the repercussions will be far greater than any of them understand!” However, the GOP's effort to repeal and replace Obamacare has stalled multiple times this year amid party divisions. Nevertheless, investors remain on edge to see if and how this inevitable change will affect the markets.

At 1:46 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,257.20 Down $0.50
• Silver, $16.57 Down $0.01
• Platinum, $933.20 Down $5.20
• Palladium, $855.90 Up $4.50

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