Gold Aims for Weekly Gain Ahead of U.S. Economy Report

APMEX

8/24/2018 9:52:36 AM

Daily Gold & Silver Market Report – 08/24/2018

During international trading Friday, Gold prices showed small gains but failed to break the $1,200 per ounce threshold. Spot prices for Precious Metals are still pinned down as the world awaits an update on U.S. interest rates and economic data from Federal Reserve Chair Jerome Powell. According to MarketWatch, Gold prices are poised for their fifth gain over the past six trading sessions. Throughout the week, the dollar index fell 0.3 percent, evidence that the strength of U.S. currency is being challenged.

Russia Continues to Stockpile Gold Amid U.S. Sanctions

During July, Russia’s Central Bank purchased 26.1 tons of Gold, bringing their total holdings to 2,170 tons. At the end of July, the Russian stockpile had a value of $77.4 billion, per the Central Bank of Russia’s website. As Gold prices have risen in August, the reserves are now worth an estimated $83.6 billion. As observed by the Eurasia Review, current bullion holdings in Russia are rapidly reaching the Soviet-era peak of 2,800 tons in 1941. Most of the country’s acquisition has occurred within the last 10 years. Russia has also been selling off its U.S. Treasury holdings, down from $96.1 billion in March  to a mere $14.9 billion in May. Russian officials have made it known the influx of Gold buying comes as a result of the Donald Trump administration’s plans to impose sanctions on Moscow. Dmitry Tulin, First Deputy Governor of the Central Bank of Russia, stated that leaders in Moscow see Gold as a “100-percent guarantee from legal and political risks.”

New Upward Pressure for Price of Bitcoin

In the last 24 hours, the likelihood of a bullish move for Bitcoin has increased. As CoinDesk explained, the world’s top cryptocurrency has sustained prices above the critical level of $6,230 in spite of a recent ETF rejection. Analysts feel this adds credibility to the conclusion that cryptomarket pricing had already responded to the anticipated news. In the United States, the Securities and Exchange Commission decided to review the rejection of several Bitcoin-centric exchange-traded funds, which could lead to further interest in short-term positions and bullish prices.

At 10:47 a.m. (ET), the APMEX Gold and Silver spot prices were:

• Gold, $1,206.90 Up $16.70
• Silver, $14.90 Up $0.25
• Platinum, $793.70 Up $12.30
• Palladium, $943.90 Up $20.70

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