Weekly Market Reports

Spot Gold Set for Second Week of Declines

Daily Gold & Silver Market Report – 4/5/2019

  • Gold prices continue to drop as stock investors gain confidence.
  • Price of Silver sees volatility amid new employment data.
  • U.S. manufacturing companies cut 6,000 jobs in March.

Gold prices declined once again Friday morning as global stocks continued to rise. The U.S. dollar also rose as compared to the Japanese yen. Despite the second week of declines for Gold, it has stayed above the 10-week low touched Thursday. A Reuters report on reports Gold spot prices slipped 0.2 percent to $1,289.40 per troy ounce after touching their lowest since Jan. 25 at $1,280.59 Thursday. Analyst Peter Fertig points out investors are treading lightly as they await non-farm payroll data.

In the report, Fertig goes on to say, “It also seems a bit more out of the leaders and into the laggards; Platinum is up, Silver is up while Gold and Palladium are down. It is a little bit of buying underperformers and taking profits in those who did quite well over the last couple of weeks and months.” President Donald Trump recently stated the U.S. and China are close to negotiating a trade deal, which put many at ease to return to stocks and higher risk investments.

Upbeat U.S. Employment Data Could Impact Silver

The price of Silver dropped Thursday, falling below the critical $15.00 per ounce mark during early trading before slowly climbing back up again. This movement indicates there is still some support for Silver at this level, but today’s upbeat employment data could lead to volatility. USA Today reports the U.S. economy added 196,000 jobs during March, keeping the unemployment rate at 3.8 percent. Many investors saw the good news as a relief, easing worries over slow payroll growth and a slowing economy.

Analyst Christopher Lewis wrote on FX Empire Thursday that with the release of the March jobs numbers, “we will probably have a significant amount of volatility in the US dollar, which of course will affect what happens with the Silver market. That being said, it is obvious that there are a lot of buyers underneath current trading areas, and it looks as if we are simply trying to figure out whether or not the buyers are going to keep this market afloat.”

Much of the employment growth was in the healthcare sector, with 61,000 new jobs. The professional services industry, along with hospitality and construction, also saw gains. However, manufacturing companies cut 6,000 jobs in the second weak report following many increases in 2018. Some see this as a sign the U.S.-China trade war had a more significant negative impact than many realize. Silver is a crucial component in manufacturing, providing unrivaled conductivity. If manufacturing numbers continue to slide, it could mean lower demand for industrial Silver.

At 10:22 a.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,292.50 Up $0.00
  • Silver, $15.20 Up $0.01
  • Platinum, $904.60 Up $2.10
  • Palladium, $1,364.00 Down $2.30

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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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