Gold Prices Drop from 5-Week High

Cassie Bastien

3/26/2018 9:48:42 AM

Daily Gold & Silver Market Report – 03/26/2018

After finishing at its highest in five weeks Friday, Gold futures slipped as stocks looked to regain ground after their worst weekly performance in more than two years. MarketWatch News Editor Rachel Koning-Beals said Gold prices “had notched a weekly gain of almost 3 percent last week as the threat of a looming trade war between the U.S. and China appeared to intensify as recently as Friday.” Furthermore, price Gold spot was boosted on U.S. dollar weakness following the Federal Reserve's hints at a less-aggressive monetary policy this year. Richard Perry, market analyst with Hantec Markets, said “It was certainly the dollar weakness that played a role in the upside break above $1,341 [per ounce] and as such, dollar moves will be key this week.” The value of Gold, however, eased a bit Monday morning, even with the dollar still under pressure.

Silver Spot Could Rally At Any Time

While Gold tends to be purchased as an investment, Silver is bought for its industrial uses as well as its Precious Metal value in items such as jewelry. And while Silver has been an underperformer, falling 2.25 percent so far in 2018, according to Crispus Nyaga with Forex.Info, todays Silver spot prices could break out in either direction any time. Nyaga said, “In a booming economy, Silver tends to do well as more people buy products made from Silver.” Investors have been watching the gray metal closely as they feel it reached highs of $17.68 per ounce and it could do it again.

Bitcoin Seems To Be Trapped Below $9K

CoinDesk Contributor Omkar Godbole says technical studies indicate we may soon see a drop in Bitcoin (BTC) toward $8,000. According to Bitfinex data, the cryptocurrency briefly broke above $9,000 March 20, but resistance at $9,200 has proved solid. Bearish chart signals, in the meantime, suggest a drop is likely. Godbole said, “BTC seems most likely to take out support at $8,200 and re-test $7,240 (recent low) this week. The weekly chart favors a drop to $6,600.”

At 10:48 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,357.90 Up $5.30
• Silver, $16.86 Up $0.19
• Platinum, $958.40 Up $8.00
• Palladium, $983.60 Up $4.10

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.