Gold on Track for Second Weekly Gain

Cassie Bastien

12/22/2017 9:31:48 AM

Daily Gold & Silver Market Report – 12/22/2017

Gold prices have been low as the holiday quickly approaches, but the yellow metal is on track for its second week of gains. A report from BusinessLine said Gold “was up 0.8 percent for the week [while] U.S. Gold futures slipped 0.1 percent.” Meanwhile, Silver prices were little changed at $16.11 an ounce and the price of Platinum was 0.6 percent lower at $910.30 an ounce.

Palladium Prices Wins 2017 Gains

Commerzbank says Palladium is the big winner in the Precious Metals sector with roughly a 50 percent rise. While looking over the year entirely, Gold made small gains around 10 percent with help from political uncertainty after U.S. President Donald Trump took office and ahead of presidential elections in France. Palladium soared to 17-year highs to just shy of $1,040 per ounce. ScrapRegister said Palladium prices have been driven by robust demand for cars with gasoline engines, which was further increased by the diesel scandal. 

Bitcoin Heads for Worst Week Since 2013

Bitcoin dropped below $13,000 Friday morning, causing much concern for the new cryptocurrency investors. In fact, Reuters Reporters Jemima Kelly and Shinichi Saoshiro said, “The digital currency [is] on track for its worst week since 2013 after a blistering ascent to a peak close to $20,000 on Sunday.” Industry website Cryptocompare Founder and Chief Executive Charles Hayter said, “A manic upward swing led by the herd will be followed by a downturn as the emotional sentiment changes. A lot of traders have been waiting for this large correction.” Kelly and Saoshiro ended their report saying, “As warnings about the risks of investing in the volatile and unregulated market have continued to sound louder - with Denmark’s central bank governor calling it a “deadly” gamble - there have been more worries over the exchanges on which cryptocurrencies are bought and sold.”

At 10:32 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,274.20 Up $4.60
• Silver, $16.35 Up $0.09
• Platinum, $924.80 Up $4.10
• Palladium, $1,040.80 Up $0.10

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