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Weekly Market Reports

Gold Prices Sink as Yields Rise

Daily Gold & Silver Market Report – 3/4/2019

  • Rising Treasuries send Gold prices downward.
  • U.S. jobs report this week could influence Gold prices. 
  • Study finds increase in global Silver production.

Last week, Gold futures fell more than 1 percent, hitting the lowest price since late January. Comex Gold for April delivery settled at $1,299.20 per ounce, down $33.60. The downward movement reflected the largest one-week decline since August 2018. According to FX Empire, most commodity markets finished to mixed results last week after U.S. Treasury yields spiked. The wins for Treasury notes and bonds also increased market interest in the U.S. dollar, further challenging the demand for Gold bullion among buyers using non-U.S. currency. Treasuries are known as a low-risk investment since the United States government backs them. They can take support away from non-yielding assets like Gold and Silver when return rates are on the rise.

Gold Buyers Await New U.S. Jobs Report

Analysts and Gold buyers are cautiously waiting for a new U.S. jobs report, expected this week. The data could reinforce the Federal Reserve’s unhurried position on future interest rate increases. Spot prices for Gold, Silver and Platinum lost support during Friday’s trading session, so investors are anxious for significant news that will put Precious Metals back in bullish territory. In a report published by Investing.com, commodities strategies Bart Melek said, “The U.S. dollar index and two-year Treasury yields have moved up over the last couple of days, and these factors have prompted people to take some profits (in Gold). ... We are also seeing a continued reaction to Federal Reserve statements where hikes are still on the menu, given that data seems to be fairly strong in the United States.”

Tuesday, the Reserve Bank of Australia is scheduled to declare its benchmark interest rate along with a statement regarding economic conditions affecting their decisions. The Bank of Canada will make a similar announcement Wednesday. Also Wednesday, New York Federal Reserve President John Williams is scheduled to speak, followed by remarks from Fed Governor Lael Brainard Thursday. China plans to publish trade data Friday.

Global Silver Production Increases

The U.S. Geological Survey recently reported Silver production is rising worldwide, driven mostly from by-product mining alongside Base Metals. Seeking Alpha examined the USGS report, which also showed rising Silver reserve levels. The two largest producers of new Silver bullion in the world are Peru and Mexico. Chinese Silver production came in third for 2018.  Peru has the most significant reserves of the Precious Metal, but Poland and Australia are building up reserves, as well.

At 10:56 a.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,287.80 Down $12.90
  • Silver, $15.15 Down $0.16
  • Platinum, $839.60 Down $26.10
  • Palladium, $1,541.00 Down $15.10

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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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