Price of Gold per Ounce Holds Steady

Cassie Bastien

2/19/2018 9:35:19 AM

Daily Gold & Silver Market Report – 02/19/2018

Precious Metals investors piled into Gold last week on concerns that U.S. inflation could heat up, causing the price of Gold to rise 2.4 percent, according to a report by BusinessDay Editor Zandi Shabalala. ABN AMRO Commodity Strategist Georgette Boele said, “Gold is doing relatively well in a risk-on environment. The safe-haven appeal [in Gold] is a bit in question but it has a lot to do with movements in the dollar.” However, buyers will keep a close eye on markets as the minutes of the U.S. Federal Reserve’s last policy meeting, held January 30-31, are due Wednesday. 

Silver Spot Price Charts In for a Choppy Week

The price of Silver has been mostly positive lately, as it creeps toward $17 an ounce. Yet, FX Empire Reporter Christopher Lewis says we are in for “choppy trading action” the next few weeks. Many Precious Metals buyers are confident if the markets can break the $17.50 level, then $18 an ounce would not be hard to reach. Lewis said, “I think that short-term traders will probably continue to be attracted to the Silver market, while longer-term traders will be looking at this as an investment measured in decades.” If the U.S. dollar continues to soften, it will put bullish pressure on the Precious Metals market in general. Nonetheless, Lewis feels as though “physical Silver is one of the best investments you can do longer-term.”

Presidents Day Affects Stock Market

Extending Friday’s mostly upbeat action, stock futures started the week strong Monday. However, markets writer Victor Reklaitis with MarketWatch said, “Traders were steering away from big bets as they got the session off for Presidents Day.” The Dow Jones industrial average and S&P 500 both saw their sixth-straight gain Friday, each ending less than 0.1 percent higher. The NASDAQ, however, finished down 0.2 percent, according to reports. American stock markets and the bond market are closed for the holiday and Reklaitis says there are no economic releases expected as federal agencies are shuttered.

At 10:35 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,349.50 Down $6.70
• Silver, $16.75 Down $0.09
• Platinum, $1,012.50  Down $1.80
• Palladium, $1,035.10  Down $8.70

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