Weekly Market Reports

Gold Prices Lift, Hindered by Stock Growth

Daily Gold & Silver Market Report – 4/17/2019

  • Gold prices see limited gains, held back by stock market wins.
  • U.S. dollar tries and fails at a full recovery.
  • South African mining stocks poised for promising future.

The price of Gold briefly moved upward during early Wednesday trading, following significant declines the day before. The Precious Metal has since declined but remains above Tuesday’s low. According to MarketWatch, the gains were primarily limited by stock market gains. Stocks are on an upward trend for the week, responding to a positive response to clues the Chinese economy is stabilizing.

A few factors could influence prices Wednesday afternoon. The U.S. Federal Reserve’s Beige Book will be made public around 2 p.m. (ET), which is expected to give insights on business conditions soon. St. Louis Federal Reserve President James Bullard and Philadelphia Fed President Patrick Harker also have speaking engagements planned for Wednesday. Analysts from Capital Economics are quoted as saying, “Gold is likely to benefit from economic uncertainty this year. We expect particularly strong interest in North American and European ETFs.”

U.S. Dollar Index Under Pressure

The U.S. Dollar Index (DXY) remains below the critical 97.00 mark after failing to perform a full recovery. The DXY measures the United States currency against a basket of leading competitors. This week, the index has remained confined in a narrow area near 97.00, with pullbacks so far contained around 96.80, according to FX Street. Buyers using other currencies are typically more interested in dollar-denominated Precious Metals when the dollar index is weak. When the DXY is strong, Gold becomes more expensive to international investors.

South African Mining Stocks See Best Gains Since 2016

As indicated by the FTSE/JSE Africa Mining Index, South African mining stocks have gained 22 percent so far this year, marking the best annual start since 2016. Bloomberg analyst Adelaide Changole believes there is “every chance” more wins are ahead for South African miners. Out of the 10 best stocks within the FTSE/JSE index, eight are mining stocks. Platinum and Palladium producers lead the pack amid the current surge in Precious Metals prices. Upbeat news on the Chinese economy may lead to further gains, as Palladium and Platinum are both critical components in automobile catalysts. If the looming end to U.S.-China trade talks results with a universally-positive outcome, it could also lead to even more public consumer confidence in the manufacturing sector.

At 11:21 a.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,277.00 Down $0.30
  • Silver, $15.09 Up $0.04
  • Platinum, $890.90 Up $7.70
  • Palladium, $1,398.00 Up $39.60

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (ET)! Or call us Fridays until 6 p.m. (ET)! If you have any questions about Precious Metals investing or simply would prefer to place your order by telephone, we are here to help.

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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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