Weekly Market Reports

Gold Reaches Upward Amid Dollar Weakness

Daily Gold & Silver Market Report – 4/8/2019

  • Spot Gold gets boost from U.S. dollar index declines
  • Silver, Platinum and Palladium also see gains to start the week.
  • Upcoming U.S. economic optimism report will have direct affect on Gold prices.

After two weeks of overall decline, Gold prices climbed upward during early Monday trading, hitting their highest point since March 28. In a Reuters report published by South Africa’s BusinessDay, U.S. Gold futures were up 0.4 percent at $1,300.80 per ounce. These wins come amid growing weakness for the U.S. dollar and continued appetite from central banks for physical Gold. China increased Gold reserves more than half a percent to end March, growing its overall stockpile to 60.62 million ounces.

Friday, a new employment report showed accelerated growth in the U.S., up from a 17-month low in February. This update might have been a big boost for higher-risk commodities, but continued caution from the Federal Reserve regarding interest rates kept gains to a minimum. Silver, Platinum and Palladium also saw spot price increases on Monday. Analyst Ole Hansen is quoted in the article, saying, “Some potential mining unrest in [South Africa] on wage negotiations is dragging on and has provided the fundamental backdrop.”

U.S. Economic Optimism Data Expected Tuesday

On Tuesday, a report with insights to U.S. economic optimism is scheduled. If data reflects higher levels of confidence in markets, it could increase investor appetite for riskier investments. This change would be a blow to Gold prices, which typically go up when investors are more interested in safe-haven investments. Federal Reserve Member Richard Clarida is also scheduled to speak Tuesday. If Clarida makes comments regarding shifts in the Fed’s interest rate policy, this will likely cause movement in Precious Metals markets. Following resurgent U.S. nonfarm payroll numbers released late last week, Gold watchers began buzzing about whether the Fed would continue to be dovish on interest rate hikes. observes last week’s “back-and-forth trade under $1,300” was influenced by news the U.S. and China are close to resolving months-long trade conflicts. While no announcements are slated for this week, revelations about a finalized trade deal could appear at any moment.  Great Britain is expected to release GDP and manufacturing numbers Wednesday. China will publish import and export data Thursday, followed by foreign direct investment updates on Friday.

At 12:40 p.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,300.40 Up $6.40
  • Silver, $15.33 Up $0.13
  • Platinum, $911.30 Up $7.90
  • Palladium, $1,390.60 Up $12.70

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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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