Weekly Market Reports

Wall Street Approaches Record Highs

Daily Gold & Silver Market Report – 4/29/2019

  • Wall Street stocks near record highs.
  • Gold futures move down as riskier assets find support.
  • U.S. dollar testing new, stronger levels. 

After two record closes in a row for Nasdaq and the S&P 500, U.S. futures were aiming toward a muted open Monday. reports markets are preparing for the Federal Reserve’s policy decision, earnings reports and monthly jobs data scheduled for this week. Last week, U.S. economic growth for the first quarter was better than predicted, giving stocks a lift Friday. The Dow Jones industrial average “remains just 1.5% away from all-time highs,” according to the article. Growing stock markets tend to put a damper on Gold prices, which often go up when the economy is more volatile.

Several leading markets around the world also saw wins during Monday trading. European shares were up, elevated by Wall Street confidence as well as Italian stocks driven up by S&P's decision to affirm Italy’s country ranking.

Gold Futures Dip Amid Falling Interest in Safe Havens

After reaching a one-week high during the previous session, Gold futures made a downturn Monday. The dip was mostly due to stock market stability and decreased appetite for safe-haven investments such as Precious Metals. MarketWatch reports data reflecting profits at industrial firms in China went up for the first time in four months, giving many buyers the confidence to move toward riskier assets. Commerzbank Analyst Eugen Weinberg said, “Since quite some time it’s been a risk-friendly market, with equities on the rise. Gold prices are also trading below a very important level of $1,300, which is weighing on the market.”

A two-day meeting of the U.S. Federal Reserve concludes Wednesday. While most market watchers do not expect the Fed to raise interest rates, closing statements by Chairman Jerome Powell will be carefully dissected for clues about future monetary policy decisions.

U.S. Dollar Tests Support Following Breakout

Last week, the U.S. dollar gained quite a bit of strength. On Monday, the dollar appeared to be testing ongoing support for this “bullish breakout,” according to DailyFX. The United States currency is standing firm for now, but as the week unfolds, there is much potential for change. Several significant data reports are scheduled for this week, with at least one notable piece of news expected every day. While much of the press will come from within the U.S., the U.K. is expected to announce a Super Thursday rate decision, which has the potential to affect currency values worldwide. A stronger dollar often means trouble for dollar-denominated commodities like Gold and Silver, as buyers in other currencies get less for their money when greenback value is high.

At 11:35 a.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,282.00 Down $7.50
  • Silver, $14.99 Down $0.15
  • Platinum, $895.90 Down $6.70
  • Palladium, $1,379.10 Down $80.10

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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