Gold Eases Up Toward $1,300

APMEX

1/14/2019 11:02:54 AM

Daily Gold & Silver Market Report – 1/14/2018

• Slipping U.S. dollar index gives Gold additional lift. 
• Weak import and export data from China leads to global stock market declines.
• Fourth-quarter Wall Street numbers expected this week.

Gold prices eased higher Monday morning amid declines in both global stock markets and the U.S. dollar index. February futures for Gold rose in early trading to $1,294.50 per ounce, ever closer to the $1,300 mark, which is seen as a significant psychological level. MarketWatch notes the ICE U.S. Dollar Index was down again after closing with a loss last week. This softening trend is known to lead many investors using other currencies toward Gold and Precious Metals, as their buying power increases.

Recent economic data from China shows a larger-than-expected decline of both imports and exports in December, which drove many global markets down Monday. This loss added to existing concerns that a weak Chinese economy could challenge growth around the globe. Spartan Capital Securities Chief Market Economist Peter Cardillo told MarketWatch, “The Gold trade is continuing to become more fashionable as investors’ appetites grow. Indeed, the climb in geopolitical concerns are behind what is now developing to be a new bull run.”

Wall Street Fourth-Quarter Earnings Expected this Week

Economic data from Wall Street regarding fourth-quarter earnings will be published starting this week. While many market watchers expect positive numbers, the data will indicate individual company expectations about the coming months. A growing consensus of economists forecast slower stock market growth, and even declines, for 2019. During periods where stocks take a downturn, Precious Metals like Gold, Silver and Platinum are often a safe-haven investment of choice. Gold already gained support from recent predictions of a slowdown and could see further price gains if earnings reports are lower than anticipated.

The Bureau of Labor Statistics will also publish price inflation data this week, according to Investing.com. New York Federal Reserve President John Williams is scheduled to speak Friday regarding monetary policy and economic outlook. Several other speeches will also be closely watched, including statements from Kansas City Fed President Esther George and Philadelphia Fed President Patrick Harker.

At 11:57 a.m. (ET), the APMEX Gold and Silver spot prices were:

• Gold, $1,293.00 Up $1.30
• Silver, $15.70 Up $0.00
• Platinum, $804.20 Down $12.80
• Palladium, $1,329.90 Up $6.20

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