Weekly Market Reports

Gold Futures Sink Amid Upbeat Data from China

Daily Gold & Silver Market Report – 4/1/2019

  • Increase in Chinese economic activity hits Gold prices.
  • Sales of Gold at The Perth Mint skyrocket in March.
  • Analyst believes Palladium price slump is only temporary.

Monday morning, Gold futures dropped a bit following better-than-expected Chinese economic data. The news from China showed an increase in activity that lifted equity markets and tarnished the appeal of some safe-haven assets. June Gold futures fell $3.20, or 0.2 percent, to $1,295.30 an ounce according to MarketWatch. Silver for May delivery was also down about 6 cents, or 0.4 percent. Last week, Gold prices ended below the critical $1,300 per ounce mark. 

Wall Street showed signs of joining a global stock market rally after a reported rise in March for the Calvin China manufacturing purchasing managers index. Analysts from Commerzbank cited in the article say the commitments of traders data coming from the Commodity Futures Trading Commission showed speculative buyers were stuck on the “wrong side of the market, practically doubling net long futures positions to the tune of 58,000 contracts as of March 26th.”

Gold Sales at Perth Mint Climb 68 Percent

News from The Perth Mint Monday showed Gold sales during March jumped approximately 68 percent, compared to the previous period. This movement takes the West Australian mint to numbers not seen since November 2018. According to Reuters data published by CNBC, sales of Gold bars and coins at The Perth Mint rose to 32,757 troy ounces, up from 19,524 ounces in February. Silver sales were also up for the month. Australia is the second-biggest Gold producer in the world, after China. The Perth Mint is Australia's official bullion producer, operated by the Government of Western Australia.

Price Slump for Palladium Could Be Temporary

Last week, the price of Palladium fell sharply, leading some analysts to report the bubble had officially burst. However, other market watchers still believe the price will recover, as industrial supply remains too low to cover demand. South African news site BusinessReport observes the price of Palladium rose from $826.40 per troy ounce in September, then nearly doubled in price leading to a peak on March 20. Analyst Rene Hochreiter notes the cost of Palladium bullion had likely taken a hit from hedge fund activity and the fall would be temporary. “This is very indicative of hedge fund activity. I think the Palladium price will remain high”, Hochreiter said. South Africa is the world’s leading producer of Palladium, a significant component in the catalysts of fuel-cell automobiles.

At 1:08 p.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,293.10 Down $3.40
  • Silver, $15.19 Down $0.03
  • Platinum, $853.00 Up $0.90
  • Palladium, $1,428.50 Up $52.70

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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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