Price of Gold Declines as Dollar Strength Mounts

APMEX

11/12/2018 12:41:22 PM

Daily Gold & Silver Market Report – 11/12/2018

• Gold prices fall for the third-consecutive session.
• Silver, Platinum and Palladium all see declines in spot prices.
• U.S. inflation data to be released Wednesday.

Gold spot prices fell again Monday morning for the third-consecutive session. While they are certainly still up from the lows seen in August, the yellow metal is down 8 percent for 2018. The Wall Street Journal reports December Gold futures fell on the Comex division of the New York Mercantile Exchange. The WSJ Dollar index, a comparison of the U.S. currency to 16 others, rose 0.3 percent Monday, indicating Gold is more expensive to buyers overseas. Silver, Platinum and Palladium also saw noticeable declines. The article suggests these trends are likely to continue, as the Federal Reserve is expected to increase interest rates in December and throughout next year, which will further weigh on commodities including Precious Metals.

Precious Metals Traders Focus on U.S. Inflation Data

After the announcement from the Federal Reserve that interest rates will get another hike in December, Precious Metals traders are now anticipating news Wednesday regarding inflation in the U.S. Investing.com reports the news is expected to show a rise in U.S. consumer prices in October. Retail data is expected Thursday as well, which many say will show increased spending. Federal Reserve Chair Jerome Powell is scheduled to speak in Dallas,  Texas, midweek, where he will bring up both domestic and global economic topics, joined by several other presenters from the U.S. Federal Reserve.

Also this week, Australia is set to report data on business confidence and the U.K. will publish updated employment data. China will release numbers for industrial production and asset investment. On Friday, European Central Bank President Mario Draghi is scheduled to speak in Frankfurt, Germany. Also at the end of the week, Canada is expected to announce data regarding foreign securities purchases and manufacturing sales. Reuters states while the Canadian dollar gained some strength on Monday, TSX, the country’s leading stock exchange, fell due to losses in Precious Metal mining shares driven down by falling Gold prices.

At 1:25 p.m. (ET), the APMEX Gold and Silver spot prices were:

• Gold, $1,205.40 Down $5.20
• Silver, $14.13 Down $0.13
• Platinum, $846.50 Down $9.50
• Palladium, $1,108.70 Down $6.80

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