Weekly Market Reports

Gold Prices Rally Following April Jobs Data

Daily Gold & Silver Market Report – 5/3/2019

  • Gold prices rally after U.S. jobs report.
  • U.S. created more jobs than expected, but wages slowed.
  • New demand could mean a 20 percent rally for Gold in 2019. 

Following much-anticipated U.S. jobs data, Gold prices lifted from what would have been the most significant weekly decline since March. The rally in Gold trading was supported by a weakening U.S. dollar and lower Treasury yields, as reported by the Wall Street Journal. Friday morning spot trading reached a high of $1,284.09 as of 10:20 a.m. (ET), up from $1,270.86 per troy ounce at 11:10 a.m. Thursday. Bullion prices took a nosedive midweek after the Federal Reserve extinguished hopes of a near-term rate cut.

The U.S. employment report for April, announced Friday morning, indicated an increase of 263,000 jobs, exceeding expectations. However, the report showed wages grew at a slower-that-expected pace. Current Gold prices are mostly flat for the year, currently resting below a 10-month peak reached in February.

Emerging-Market Demand May Support Gold Rally

While Gold prices went down during April, several factors could mean a 2019 rally of as much as 20 percent. Barron’s reports that emerging-market demand for both jewelry and Gold-related assets are driving influences in the current market. Volatility for the U.S. dollar and ongoing worries over a recession are also significant factors. Analyst Taki Tsaklanos told Barron’s that after Gold’s previous rise, “investors bumped into Gold’s bear market wall [of $1,375 an ounce]. This bear market wall proved to be too stubborn, so capital found its way to other defensive asset classes.”

Gold may still see declines in the short-term, according to the article, driven by seasonal weakness for Precious Metals in general. However, changing monetary policies from major world economies could lead to unexpected changes. Tsaklanos goes on to predict that any major rally would likely come in October or November.

At 11:45 a.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,282.80 Up $9.30
  • Silver, $15.03 Up $0.33
  • Platinum, $870.60 Up $16.40
  • Palladium, $1,3872.00 Up $16.80

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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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