Weekly Market Reports

Gold Prices Decline as Equities Gain Support

Daily Gold & Silver Market Report – 3/11/2019

  • Gold dips Monday morning as equity markets gain new support.
  • New Brexit vote scheduled for Tuesday. 
  • Platinum/Palladium ratio remains wide.

As equity markets garnered more support Monday morning, Gold prices slipped. The yellow metal dipped to $1,294.22 per troy ounce as of 10:40 a.m. (ET) Monday, following a brief visit above $1,300 Friday, according to CNBC. Market analyst Ole Hansen told CNBC, “We’re just having a counter-reaction to the run-up on Friday following the U.S. jobs report. Since then, we’ve had a decent recovery in the stock markets and it just removed the initial excitement.”

The ups and downs of a trade war between the United States and China have heavily influenced markets over the last few months. To start this week, equity markets rose, affected by the potential of economic stimulus in China. While Gold prices went down, the overall outlook for bullion as a safe-haven investment is positive. Since hitting a low point in August, Gold bullion has gained approximately 12 percent. Market analyst Jeffrey Halley believes Gold is still in an excellent position to move higher, saying, “As the world economy continues to slow and uncertainty increases, it’s going to be supportive for Gold.”

Economists Wait as New Brexit Vote Approaches

Tuesday, commodities investors will be squarely focused on the U.K., with a new vote scheduled on Theresa May’s Brexit deal. The country is also expected to release data on GDP growth and manufacturing, which could shed light on industrial demand for Precious Metals, including Silver and Platinum. After Gold prices rose 1 percent Friday then quickly backed down, a sense of certainty about the future of Brexit could give markets some much-needed stability. noted the U.S. is scheduled to release a report regarding consumer inflation Tuesday. Federal Reserve Governor Lael Brainard is expected to speak in Washington the same day and may add his views on the inflation data. Thursday, China will publish data on industrial production and fixed-asset investment. Friday will bring more reports from the U.S., including industrial productions numbers and data regarding American consumer sentiment.

Platinum/Palladium Ratio Remains Wide

The Global Precious Monthly Metals Index (MMI) has risen 4 points during March, pushed mostly by rapidly rising Palladium prices. The MMI is a subindex, tracking Gold, Silver, Platinum and Palladium prices in four different geographies. Overall, the index is seeing a six-month bullish trend. While Platinum bullion has seen some new support, it hasn’t been enough to reduce the price spread with Palladium, according to MetalMiner. The article also cites data compiled by Norilsk, a leading Nickel producer, that appeared in a recent Reuters report: “In 2019 the global Palladium market deficit is forecast at 800,000 ounces compared with 600,000 ounces in 2018, with consumption up by 500,000 ounces to 11.2 million ounces due to strong demand from autocatalyst producers.”

At 12:35 p.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,294.70 Down $6.90
  • Silver, $15.35 Down $0.07
  • Platinum, $817.80 Down $2.80
  • Palladium, $1,525.00 Up $20.00

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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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