Weekly Market Reports

Gold Prices Slip as Equities Optimism Grows

Daily Gold & Silver Market Report – 4/15/2019

  • Treasury Secretary Mnuchin gives market confidence a boost by signaling final rounds of U.S.-China talks.
  • Silver prices testing lower support after a recent rally.
  • Platinum-Gold spread shows potential for price correction.

The price of Gold went down Monday morning to hit a one-week low amid growing appetites for equities and riskier assets. Much of the optimism comes from new progress in the U.S.-China trade negotiations, limiting worries that previously sent some toward safe-haven investments. U.S. Treasury Secretary Steven Mnuchin expects trade talks to be nearing a final round. Nasdaq reports spot Gold went down 0.5 percent to $1,283.65 per troy ounce by as of 7:45 a.m. (ET). The Precious Metal previously touched $1,283.26, the lowest level since April 4. U.S. Gold futures also declined.

In a research note, analysts from Commerzbank said, “Gold is trading directly on the technically important 100-day moving average at $1,288 per troy ounce. This line has held firm several times in the past two weeks.” The note goes on to suggest if Gold slips below these levels again, technical follow-up selling would likely occur, adding to price challenges.

For several months, market watchers have predicted a slowing of the global economy and several data reports support this notion. However, the U.S. economy has proven stronger than many forecasts, including a release Friday that showed stable import prices and consumer confidence.

Silver Testing Support at $14.90

Silver markets were down early Monday surrounded by low volume paired with encouraging market news. FX Empire published numbers at 7:42 a.m. (ET) showing Silver trading 0.35 percent down for the day at $14.92 per ounce. The article suggests this is a sign the market is preparing to break below $14.90. “Below there, the unit will find immediate support at 14.80, then 14.50 and 14.25 will be the levels to watch.” Spot Silver once again traded above $15.00 closer to midday.

Platinum Outperforms Other Metals

After months of struggle, Platinum outperformed other Precious Metals since mid-February. Commodities Analyst Andrew Hecht writes on Seeking Alpha while Platinum has gained momentum, both Gold and Palladium corrected to the downside. Hecht also sees the Platinum-Gold spread as a sign that higher prices for Platinum can be expected. For years, Platinum traded at historically low levels, priced at a discount to Gold since 2014 and to a cut rate to Palladium since September 2017. The current rally began in February and has continued in recent weeks. The price per troy ounce remains a bargain, and short-term charts indicate a correction could occur soon.

At 12:20 p.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,291.60 Down $3.20
  • Silver, $15.10 Down $0.01
  • Platinum, $892.20 Down $4.80
  • Palladium, $1,371.00 Down $11.20

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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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