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Weekly Market Reports

Gold Stable Near Two-Week Peak

Daily Gold & Silver Market Report – 4/10/2019

  • Price of Gold stable as equity markets pull back. 
  • IMF cuts global economic growth forecast.
  • Rising Platinum prices may not lead to increased supply.

Gold prices were stable Wednesday morning near a two-week high. This steady position comes as equities markets around the world retreat, following news the International Monetary Fund (IMF) cut growth expectations. IMF released the grim global forecast ahead of the U.S. Federal Reserve’s March meeting minutes. Analyst Ross Strachan told CNBC, “(Gold) seems to be very much stuck at the moment ... part of the issue is most of the developments haven’t really been much of a surprise to the market.”

In recent months, Gold received widespread support from central bank purchases and downward movement by U.S. equity markets. In particular, China raised its Gold bullion reserves for the fourth-consecutive month in March. The IMF report concludes the worldwide economy is curtailing more than previously predicted and stimulus measures could be needed to prevent an even sharper downturn. Gold is traditionally seen as a low-risk, safe-haven asset that buyers turn to during times of volatility.

The CNBC report also observes investors are watching for Federal Open Market Committee’s minutes from March, due to be published Wednesday. The minutes may include updated monetary policy insights for the coming months.

New Wins for Platinum May Not Lead to Increased Supply

Platinum prices have primarily been in decline since November, but supply shortages have given the Precious Metal some recent price growth. Recently, sister metals Platinum, Palladium and Rhodium have all seen price gains. This increase has been a welcome change for South African miners, who suffered a great deal from plummeting Platinum prices. Now that prices have rebounded, some market watchers wondered if production would follow suit.

A Bloomberg article published by Mining.com points out that while prices have risen, several other factors will prevent miners from increasing the world’s supply. One of the biggest impediments is the five- to seven-year time frame required to open a new Platinum mine. The limited availability of water is another major concern. A few expansion efforts are already in progress, but industrial supply estimates have already included these anticipated production increases. South Africa is the world’s leading supplier of Platinum Group Metals.

At 1:56 p.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,312.30 Up $5.30
  • Silver, $15.37 Up $0.04
  • Platinum, $906.80 Up $9.50
  • Palladium, $1,389.90 Down $2.70

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Disclaimer:
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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