Gold Prices Steady as Dollar Softens

APMEX

8/8/2018 2:03:02 PM

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

In early international trading Wednesday, Gold prices remained steady after rising slightly in the previous session. This week, the U.S. dollar has softened compared to both the euro and Chinese yuan. All of this comes as the United States starts to collect a 25 percent tariff on another $16 billion worth of Chinese good. According to Nasdaq.com, the U.S. Trade Representative’s office announced Tuesday the new tariffs on goods made in China would officially begin August 23, targeting more than 279 product categories.

Other significant announcements were also made Tuesday. Companies doing business with Iran will be barred from trading with the United States, according to a statement made by President Donald Trump Tuesday. Exchange-traded funds backed by Gold saw outflows in Europe, North America and Asia, according to the World Gold Council.

Volatility in Silver Prices Continues

Last week, the price of Silver made attempts to rally but never gained significant traction. Investors continue to favor Silver and other Precious Metals as a safe-haven investment. According to Money Morning, the primary impetus for investor concerns seems to be the U.S. trade war with China. However, with regular changes to the trade war rhetoric, a quick end to trade wars could mean an immediate boost for the price of Silver.

Last Tuesday, Silver trading was weak but later had a small climb. The latter part of the week saw a more significant challenge, as gains slipped and Silver finally settled at $15.38 per ounce.  On Monday, optimism from investors brought new strength to the U.S. dollar, causing Silver to drop again before seeing a small rally, then another decline. More volatility is expected during the remainder of this week.

At 2:45 p.m. (ET), the APMEX Gold and Silver spot prices were:

• Gold, $1,215.70 Up $2.70
• Silver, $15.53 Up $0.09
• Platinum, $834.90 Up $1.50
• Palladium, $902.40 Down $8.50

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 Precious Metals investing or simply would prefer to place your order by telephone, we are here to help.