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Weekly Market Reports

Gold Prices Stable, Targeting Weekly Gain

Daily Gold & Silver Market Report – 4/12/2019

  • Gold remains stable as investors hopeful for weekly gain.
  • New momentum for Gold could give traction to Silver, as well.
  • Buyers finally take interest in Platinum's bargain pricing.

As the U.S. dollar weakened this week, Gold prices remained stable. While spot Gold went down 1 percent the previous session, prices were up Friday morning aiming for an overall weekly gain. This uptick would be the first weekly win for the yellow metal in three weeks, also driven by volatile stocks and cautions central banks. Investing.com reports the dollar index went down 0.4 percent Friday, poised for a weekly decline. Analyst Jigar Trivedi said, “Even after the United States' long-drawn-out trade spat with China and threats of a new trade war with the European Union, there is still not much safe-haven buying in Gold.”

Several other factors supported Gold bullion this week. Increased buying from China’s central bank may have played a role. Positive U.S. economic data released Thursday led to a brief sell-off of Precious Metals, but buyers soon regained interest in safe-haven assets. U.S. jobless claims for the week declined to 50-year lows, and producer prices rose in March, according to the report.

Silver May Share Support as Gold Improves

While Silver bullion has been held down for much of this year, market watchers now suggest Gold’s recent wins are likely to help the Precious Metal. Sprott Senior Portfolio Manager Maria Smirnova told Barron’s, “It is difficult to be pessimistic about Silver at these levels,” referring to prices that don’t provide an incentive to increase production. Silver futures went down to $14.87 per troy ounce Thursday, a total loss of more than 4 percent for the year. Meanwhile, Gold is seeing a slight rally. “Silver has lacked retail investment demand, so a sustained rally in gold will lead to the speculators coming and buying silver,” Smirnova said.

The article also mentions some analysts are less optimistic, cautioning buyers to think of Silver as more of a “wait-and-see game.” Libertas Wealth Management Group President Adam Koos sees possible signs of momentum shifting from Gold to Silver. Koos acknowledges the possibility of a “changing of the guard” in 2019 while embracing a more passive buying strategy for Silver.

Platinum Begins to Bounce Back

Following months of down-trodden prices, Platinum is finally drawing new interest from buyers. Bloomberg reports Platinum is trading at its best levels since May of last year. Some gains are a result of predictions that difficult wage negotiations in South Africa, the world’s leading producer, could lead to additional supply shortages. These troubles, along with Platinum’s bargain price compared to Palladium, have finally given investors a reason to take another look. Both metals are critical components of automobile catalysts, but Palladium prices have seen record increases this year, creating a significant premium gap between the two. Platinum’s relative cheapness to Palladium has led some to speculate car manufacturers could soon substitute in the bargain option to save money.

At 9:50 a.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,294.30 Up $1.80
  • Silver, $15.14 Up $0.14
  • Platinum, $902.50 Up $78.70
  • Palladium, $1,373.00 Up $8.40

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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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