Gold Rate Is Dropping

Cassie Bastien

3/12/2018 1:22:59 PM

Daily Gold & Silver Market Report – 03/12/2018

Gold prices started Monday off low as pressure from the U.S. dollar and higher stock market prices take over with help from the U.S. jobs report. MarketWatch Reporters Myra P. Saefong and Rachel Koning Beals said, “The latest snapshot of the U.S. labor market showed strong job growth and a higher participation rate, with the nation adding 313,000 new jobs in February.” Noting the increase of jobs, Craig Erlam, senior market analyst at OANDA, said, “The numbers we saw on Friday provided the perfect balance of strong job creation and softer wage growth, which does not necessarily trigger faster rate hikes.” Typically, higher interest rates help move the dollar upwards. Many Precious Metals investors and traders are waiting to see how the price of Gold will react to these market movements.

Is Bitcoin Starting to Melt?

Victor Dergunov, editor and reporter for Seeking Alpha, says Bitcoin dropped more than 30 percent only a few short days after a failed attempt of breaking $12,000. Dergunov goes to say, “People seem to be ‘Bitcoined out’ a bit at the moment.” Many feel as though the loss of popularity could keep digital currency prices depressed for longer than expected.

Dow Jones Industrial Average Continues to Fall

According to Reuters Reporter Sruthi Shankar, the Dow Jones industrial average fell about half a percent earlier Monday as worries about the impact of President Donal Trump’s decision to impose metal tariffs continued to weigh on industrial stocks. Although Trump did soften his stance on tariffs by exempting Canada and Mexico, negotiations are ongoing as the European Union and Japan also sought exemptions. Shankar said, “The declines for the Dow come after a near 2 percent gain for Wall Street on Friday after sluggish wage growth data eased concerns the Federal Reserve might raise interest rates swiftly.”

At 2:22 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,324.30 Down $1.70
• Silver, $16.63 Down $0.06
• Platinum, $966.80 Up $0.60
• Palladium, $979.10 Down $15.70

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