Gold Price Charts Not Affected By North Korean Missile Launch

Cassie Bastien

9/15/2017 2:08:57 PM

Daily Gold & Silver Market Report – 09/15/2017

After North Korea launched a second missile test that landed in the Pacific Ocean late Thursday, Gold spot prices saw a slight increase but soon lost momentum. Conversely, NewsLine.com says investors were more concerned with inflation data, which could determine whether or not a third and final interest rate hike would happen this year. “Investors were [also] eyeing reports on U.S. retail sales, industrial production and consumer sentiment, due later Friday,” according to NewsLine. “A separate report showed that initial jobless claims unexpectedly declined to last week.”

Silver Spot Price Edge Lower

The Silver price charts edged slightly lower Friday morning as investors watched North Korea fire another missile test Thursday. Economic Calendar Financial Market Analyst Sam Bourgi said the gray metal “is on track for a weekly decline after a month-long rally drove prices to nearly five-month highs.” Nonetheless, the Precious Metals market seemed mostly unaffected by North Korea's second missile test. The Japanese yen however did react by feeling an immediate spike but fizzled out within minutes, according to Bourgi. With the commodities market's subdued reaction to this recent news, traders and investors alike seem less and less responsive to such market movements.

Oil Prices Head Toward Biggest Weekly Gain since July

Oil prices rallied this week as U.S. refineries resumed operations following Hurricane Harvey, which knocked out several Texas Gulf Coast facilities. Moreover, U.S. and global benchmarks rose every day this week, with the latest North Korea missile test providing a short-lived reason for oil investors to pull back. MarketWatch Deputy markets Editor William Watts says WTI crude is on track for a 5.2 percent weekly rise, which would be the strongest since a rise of more than 8 percent the week ended July 28. Analysts at Vienna-based JBC Energy said in a note earlier Friday the “vastly improved arbitrage economics could see U.S. crude exports surge beyond 1 million barrels per day (bpd) on a weekly basis in the coming weeks, with October potentially setting a new monthly record for U.S. crude exports.” Clearly oil markets as well as other commodities are not panicking over North Korea's latest missile test that landed in the Pacific just before 7 a.m. Japan time. Research group Wood Mackenzie did say however that in the event of a military conflict in the Korean Peninsula, shipping lines handling a third of global seaborne-crude trade could be disrupted, while half of Asia’s refining capacity could be at risk.

At 3:09 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,324.20 Down $3.60
• Silver, $17.73 Down $0.09
• Platinum, $972.60 Down $9.30
• Palladium, $927.10 Up $5.80

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