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Weekly Market Reports

Gold Prices Hit Two-Week High

Daily Gold & Silver Market Report – 2/18/2019

  • Gold bullion prices hit a two-week high.
  • Federal Reserve speeches scheduled for Friday could offer new U.S. policy insights.
  • Power crisis in South Africa provides new challenge to Precious Metals mining industry.

Gold traded at its highest price in more than two weeks during international trading Monday morning. This upward movement came after the U.S. dollar weakened from rumors the United States and China will soon make a final trade agreement. At 2:47 a.m. (ET), spot prices for Gold gained 0.1 percent, reaching $1,322.41 per ounce, according to Reuters India. U.S. Gold futures went up to $1,326.10 per ounce, a 0.3 percent lift. Palladium also traded at record-high prices.

President Donald Trump announced last week Chinese officials would travel to the U.S. this week to finalize negotiations in the months-long trade war. Though talks are scheduled for this week, Trump said the deadline for tariff agreements might need to extend past the current March 1 deadline. This news seems to have weakened the dollar, as investors change course and buy into other assets. Daniel Hynes, an analyst for ANZ, said, “Alleviation of risks around the trade talks has certainly benefited the markets.” Hynes believes the signals of progress in trade negotiations tarnished the appeal of the dollar for the time being, which in turn built support for Gold, according to the Reuters report.

Remarks from Fed Officials Expected this Week

While market watchers will focus on U.S.-China trade negotiations this week, attention will also be on several speeches scheduled from Federal Reserve Officials at the U.S. Monetary Policy Forum. Remarks are expected Friday from New York Fed President John Williams and St. Louis Fed President James Bullard, among others. Wednesday, the Fed will also release minutes from the January rate-setting meeting, according to Investing.com.

While U.S. financial markets are closed Monday for President’s Day, house price inflation data from the U.K. could still affect the dollar index and, in turn, Precious Metals prices. Tuesday, the Reserve Bank of Australia will release minutes from its most recent policy meeting. The U.S. will release data regarding jobless claims, orders for durable goods and home sales Wednesday.

Power Blackouts in South Africa Challenge Mining Companies

South Africa is the world’s top producer of Platinum Group Metals, including Palladium. Eskom, the nation’s top supplier of power to the very power-hungry mining system, imposed a large number of power cuts last week. The utility company warned of an aging infrastructure that could crumble at any moment, according to the New York Times. During a similar power crisis in South Africa in 2008, the mining industry lost billions in output. With an existing supply shortage of Palladium, any productions losses due to a broken power grid could send bullion prices skyrocketing. While mining companies have made preparations to deal with a loss of electricity, most still rely on Eskom’s faulty power grid.

At 12:03 p.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,328.80 Up $7.00
  • Silver, $15.90 Up $0.05
  • Platinum, $808.90 Up $0.00
  • Palladium, $1,462.60 Up $23.40

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Disclaimer:
APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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