Gold Levels Relatively Unchanged

Cassie Bastien

8/25/2017 1:35:15 PM

Daily Gold & Silver Market Report – 08/25/2017

After reaching recent highs slightly above $1,300 earlier this month, the price of Gold seems to be relatively stagnant ahead of the Economic Policy Symposium in Jackson Hole, Wyo. However, analysts are not giving up just yet in anticipation of speeches by Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi. FX Street Reporter Pablo Piovano said, “With the balance sheet reduction and potential ‘tapering’ on top of the debate,” safe-haven investors are worried speeches could bring a more hawkish view in the markets, driving demand for commodities such Gold and other Precious Metals down and strengthening the U.S. dollar.

Hurricane Harvey Causes Commodity Surges

Set to become the worst storm to hit the Texas coast in more than a decade, hurricane Harvey “has forced evacuations from offshore platforms, shut down refineries and sent the prices of commodities from gasoline to soybeans rallying,” Bloomberg Reporters Brian K Sullivan and Mark Chediak said. “If Harvey makes landfall as a Category 3 -- with winds of at least 111 miles -- it’ll be the strongest storm to hit the U.S. since Wilma in 2005.” Although the path of the storm has not affected much of the oil production in the Gulf of Mexico, it is on track to hit a group of refineries that process nearly 5 million barrels per day.” To clarify the impact of this storm, Sullivan and Chediak said, “Gasoline futures in New York surged to the highest in four months in intraday trade, rising by as much as 4 percent to $1.7303 a gallon. ... Oil pared a fourth weekly loss and traded at $47.75 a barrel.”

At 2:34 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,293.40 Up $4.20
• Silver, $17.14 Up $0.09
• Platinum, $978.60 Down $3.00
• Palladium, $934.90 Down $4.30

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (ET)! Or call us Fridays until 6 p.m. (ET)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.