Weekly Market Reports

Gold on Track for Weekly Gain Amid Weak U.S. Market Report

As the U.S. dollar continues to show weakness, Gold prices are poised for a second weekly gain. As of 8:49 a.m. (ET) Friday, Gold futures were up 0.26 percent, while spot prices were up 0.39 percent, according to CNBC. Recent support for Gold was fueled by less-than-positive U.S. economic data and concerns over a slowdown in growth around the world. Analyst Bernard Dahdah is quoted in the CNBC article saying. “The market is expecting the dollar to weaken. We expect growth in the U.S. to slow.”

Earlier this week, the U.S. Federal Reserve released minutes for its last meeting, which described a less-dovish outlook regarding future interest rate increases. Rising interest rates generally lower interest in non-yielding assets, such as Precious Metals. Data confirming a drop in orders for U.S. capital goods during December led some buyers to hope the central bank would stop the rate hike cycle in 2019. Indications of a slowdown in China and Europe have also added market support for safe-haven investments in Gold.

Silver Prices Hit $16 Per Ounce

At 10:10 a.m. (ET) Friday, Silver prices hit a psychologically significant $16.01 per troy ounce. On Thursday, Silver markets pulled back during the trading session, approaching but resisting the $16 per ounce mark. Analyst Christopher Lewis, writing for FXEmpire, noted after yesterday’s pullback, “The $16 level has offered significant resistance, not only based upon previous action, but the fact that it is a large, round, psychologically significant figure. That of course always seems to attract a lot of order flow, and with the U.S. dollar rallied slightly during the day, it does make sense that perhaps Precious Metals would pull back a bit.” Lewis goes on to observe Gold reacted similarly in recent weeks, but assessed the outlook for both Gold and Silver seems “very bullish.”

Grim Outlook for Bargain-Priced Platinum

Platinum prices have sunk to record lows, offering bargain pricing to investors. However, a report on Seeking Alpha suggests demand remains low and a rebound for the Precious Metal may not come any time soon. Platinum is at multi-year lows, even as Palladium, Gold and Silver are on the rise. The Platinum-to-Gold ratio has diverged considerably from its traditional position where Platinum was the pricier of the two. At the time of the report, an ounce of Platinum was only 61% as valuable as the yellow metal. After a deep dive, industrial demand for Platinum seems to be picking up traction, but there are no clear indications of a full turnaround.

At 11:40 a.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,334.30 Up $6.30
  • Silver, $16.03 Up $0.11
  • Platinum, $848.10 Up $19.80
  • Palladium, $1,494.20 Up $13.10

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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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