Tariff Talk Strengthens Dollar; Gold Edges Down

APMEX

8/1/2018 12:57:45 PM

Daily Gold & Silver Market Report – 08/01/2018

Pressure continues for Gold prices this week, and several news sources published reports that the Trump administration has discussed increasing the proposed 10 percent tariffs on Chinese goods. Tariffs of up to 25 percent on $200 billion worth of commodities from China are now being considered. Much of the discussion regarding the global economy has focused on tensions between the U.S. and China, with new tariffs on imported Chinese goods expected to take effect Wednesday. As noted by a report on Investing.com, China has promised to retaliate.

According to the article, a report from Bloomberg earlier this week suggested China and the United States are hoping to restart trade conversations soon to avoid an out-and-out trade war between the two largest economies in the world. The U.S. Dollar Index, a measurement of the American currency against several others, rose 0.1 percent Wednesday, while a two-day meeting at the Federal Reserve commenced.

Precious Metals Futures Post Gains

This week, Precious Metals futures have posted gains, but showed overall losses for July. Gold, in particular, continued a four-month downward trajectory. Gold futures for December delivery, however, rose $2.10 on the New York Mercantile Exchange’s COMEX division. In a report published by CoinNews, High Ridge Futures Director of Metals Trading David Meger said, "We’ve seen a pickup in commodity demand. Some of that is relative to the slight weakness in the dollar. We expect for commodities to continue to recover off the recent lows."

Silver futures for September added 0.1 percent to finish at $15.559 an ounce. October Platinum went up $14.30 but lost 1.4 percent on the month. Palladium scheduled for September delivery rose 1 percent this week, but declined 2 percent overall for July. U.S. Mint bullion coins saw increased demand from June to July, but the numbers are still weak compared to this time in 2017.

At 12:32 p.m. (ET), the APMEX Gold and Silver spot prices were:

• Gold, $1,221.10 Down $6.20
• Silver, $15.51 Down $0.12
• Platinum, $820.50 Down $27.30
• Palladium, $921.20 Down $18.70

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