Gold Prices Near 1-Year High

Cassie Bastien

9/6/2017 10:39:55 AM

Daily Gold & Silver Market Report – 09/06/2017

Tension surrounding the Korean peninsula paired with a lower U.S. dollar helped the price of Gold gain some ground Wednesday, just reaching one-year highs. Danske Bank Analyst Jens Pederson said, “These extraordinary factors are also weakening the dollar from the point of view that the [Federal Reserve] may further postpone normalization of monetary policy, which would be good news as it would keep a lid on U.S. yields.” Moreover, Reuters Reporter Pratima Desai said, “A potential standoff over the U.S. federal debt ceiling has raised alarm bells among investors who fear a repeat of 2011 when a prolonged showdown over increasing the borrowing limit and subsequent downgrade of U.S. credit quality led to slump in the S&P 500 stock index.” INTL FCStone Analyst Edward Meir says worry among investors could rise as the possibility of another missile launch this Sept. 9, North Korea’s Independence Day. Meir is a firm believer that “any further wobbles in U.S. equities could provide further support and perhaps nudge [Gold] towards our $1,390 [per ounce] price target.”

Silver Values Shed Some Light

For the first time since April, Silver prices held steady around $18 an ounce. In fact, Sam Bourgi with EconomicCalendar.com says the gray metal “rebounded more than 11 percent over the past month.” Interestingly enough, Bourgi found over the past 30 days, the Gold/Silver ratio, which helps determine when to buy or sell Precious Metals, declined 3.3 percent, with one ounce of Gold equaling 75.05 ounces of Silver.

Hurricane Irma Causes More Fear

The extent of Hurricane Irma's potential damage, and economic impact, has yet to be determined as the U.S. recovers from Hurricane Harvey. FX Empire's Colin First said, “The U.S. futures have been flat so far as the stock markets have had some grim trading around the world.” The lack of progress within the euro and dollar have been the focus Wednesday, which boosts safe-haven assets such as Precious Metals. This, combined with other global risks and uncertainties, First says investors are holding off from selling too much or too little, which is almost swaying the markets.

At 11:40 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,341.90 Up $0.00
• Silver, $18.06 Up $0.10
• Platinum, $1,010.60 Up $2.60
• Palladium, $948.90 Down $15.10

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