Weekly Market Reports

Gold Rebounds Ahead of U.S. Jobs Report

  • Gold prices lift as U.S. jobs report looms.
  • China’s central bank lowers 2019 growth target.
  • Bitcoin aims for a fourth day of gains.

Friday morning, Gold prices saw a significant lift for the first time in multiple weeks. This upward movement came as the U.S. dollar slipped downward and market watchers stayed focused on an upcoming jobs report. Signs of a global economic slowdown seem to be rising and new employment data from the United States could reinforce these signals, or provide hope that things are not as bad as they seem. After hitting a low of $1,280.91 per ounce Thursday, Gold spot prices rose to $1,301.40 as of 9:20 a.m. (ET). 

A CNBC report quotes commodities broker David Govett, saying, "The expectation is for a slowdown (in the jobs data), and if that happens it is certainly a bullish signal for Gold only because it is slightly bearish for the dollar. If the numbers are in line or worse-than-expected, Gold could rally above $1,300." Economists are also paying attention to ongoing trade negotiations between China and the United States. While President Donald Trump has said on several occasions talks were going well, there has been little official evidence of progress.


Dovish Data from Major Central Banks Boost Precious Metals

Several of the world's largest central banks, including Canada, China and Australia, took a more dovish tone on the economy this week, which boosted Precious Metals prices. FX Empire reports all major markets in Asia and Europe saw substantial gains for Gold, Silver and Platinum as investors become more risk-averse. Calls for re-initiating the Quantitative Easing program were made during Thursday's European Central Bank session. 

The central bank of China announced this week it was reducing 2019 growth targets to the lowest level in three decades. These collective changes from significant banks have added to investor concern of the economic slowdown, even if a good trade deal is struck between the United States and China.


Bitcoin Poised for 4 Days of Gains

During early trading Friday, Bitcoin saw notable gains. This movement was the fourth-consecutive day of wins for the cryptocurrency, the second such winning streak this year. According to MarketWatch, the trade value of a single Bitcoin went up 0.5 percent to $3,885.20 Friday morning. Some economists believe this is a sign that consumer trust in cryptocurrencies has rebounded, shaking off worries that arose following significant declines in 2018. Bitcoin futures also saw modest gains.

At 10:43 a.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,299.70 Up $11.90
  • Silver, $15.41 Up $0.30
  • Platinum, $818.00 Down $1.10
  • Palladium, $1,511.00 Down $17.20

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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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