Weekly Market Reports

Price of Gold Rises Amid Stock Losses

Daily Gold & Silver Market Report – 5/6/2019

Gold prices, both spot and futures, saw big gains Monday morning as stock markets tumbled. Stock futures markets opened down for the day, as trade talks between the U.S. and China once again came to a halt. MarketWatch reports Gold moved up for two consecutive sessions Friday, leading the Precious Metal to post a slight weekly rise. The upward movement last week was attributed to news the Trump administration would increase import taxes on some goods from China, as much as 25 percent. The U.S. government made remarks that Chinese trade officials had reneged on agreements from previous conversations.

 On Wall Street, Dow Jones industrial average futures are down about 500 points, as much as 2 percent on one occasion, further impacted by news of possible retaliatory moves by China. Currency traders are again building interest in safe-haven assets such as Gold and the Japanese yen over the U.S. dollar, according to the article. Analyst Richard Perry is quoted, saying, "Markets will likely be left in limbo for the coming weeks. Positive risk sentiment that had built in the early months of 2019 is now questionable."

Global Markets Suffer from U.S.-China Trade War

Stock markets around the world traded down Monday morning as buyers anticipated a response from China on President Donald Trump's new tariffs. Stocks in China were down more than 1 percent and surrounding countries saw similar losses. The New York Times reports European markets also opened to losses. China's currency, the renminbi, showed weakness compared to the U.S. dollar. News came Friday that trade negotiations between U.S. and Chinese officials ended in a stalemate, with both sides disagreeing on many issues. Comments from U.S. officials in recent weeks indicated the trade war would soon be over, but resolution now seems further away.

Chinese officials doubled-down on the country's defiant position Monday. Geng Shuang, spokesman for China’s Foreign Ministry, reasserted they would not crumble under foreign pressure and an official response was being prepared. Gold and Silver are well-known as important assets during times of economic volatility and both Precious Metals traded up Monday morning. In Asia, the Shanghai Composite Index went down 1.2 percent as the Shenzhen Composite Index declined 1.1 percent.

At 10:05 a.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,299.60 Up $10.20
  • Silver, $14.84 Down $0.03
  • Platinum, $860.00 Down $7.10
  • Palladium, $1,330.00 Down $31.70

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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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