Easing Tensions Put Gold Prices Under Pressure
Wayne Lin
3/9/2018 11:48:02 AM
Daily Gold & Silver Market Report – 03/09/2018
Spot Gold prices dropped slightly Thursday after the U.S. dollar rebounded. It was an eventful week for Gold after President Donald Trump "implemented steel and aluminum import tariffs that excluded Canada and Mexico, two key U.S trade partners." (FX Empire) Because of the fluctuations in the market, investors have had an interesting time reconciling investments vs. geopolitical situations. As of late Thursday, President Trump indicated he was prepared to meet Kim Jong Un, "marking a potentially dramatic breakthrough in nuclear tensions." Gold, in the meantime, faces intense pressure due to risks in the commodities market. In the near future there is optimism that jobs data will return favorable results.
Platinum use Cut Down by automakers
Car makers are trying to find new ways to slash the amount of Platinum used in their vehicles by examining other technologies. "Now, however, plans are underway to build networks in the United States, Germany, Japan and, most significantly, the world's biggest car market, China." (Economic Times) Several car makers are investing in, and researching, fuel-cell cars, reducing the amount of Platinum. This could pose to be advantageous for Platinum bullion investors in the near future, especially as demand for Platinum is lessened by the auto industry. The wider demand may seem skeptical at the moment, with car production arguably the biggest user of Platinum. Investors could be in for a nice surprise in the near future if the price of Platinum starts to lose more ground.
At 11:47 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,325.80 Up $2.30
- Silver, $16.72 Up $0.14
- Platinum, $965.70 Up $11.40
- Palladium, $995.30 Up $20.40
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.
APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies
