Weekly Market Reports

Gold Prices Stable After Steep Decline

Daily Gold & Silver Market Report – 5/17/2019

  • After declines Thursday, Gold prices stabilize.
  • Further wins for Gold held back on expectations of stronger U.S. dollar.
  • Palladium and Platinum set for record weekly declines. 

Friday morning, the price of Gold was mostly stable after a deep decline during the previous session. Gains for the yellow metal diminished on a stronger U.S. dollar and a pullback in global equities, according to CNBC. Both U.S. Gold futures and Gold spot were steady during early trading. On Thursday, the spot price of Gold fell 0.8 percent, the most significant single-day percentage slip since April. Robust economic data sent some investors back toward riskier assets after losing support last week due to U.S.-China trade tensions.

Carsten Menke Analyst Julius Baer, is quoted in the article saying, “On one end, Gold has support from prevailing uncertainties in the financial markets relating to the trade talks and concerns over growth outlook. At the same time, the dollar is expected to stay strong for at least the next two weeks.” Baer goes on to add that “Gold is expected to be rangebound.”

Ongoing trade negotiations and newly announced higher U.S. tariffs toward Chinese goods led to much volatility in global stocks over the last two weeks. An attempt by the United States to bar Huawei Technologies from purchasing American technology added to the already high tensions between the two economies. The prices of Silver, Platinum and Palladium were also down early Friday.

Palladium and Platinum Set for Major Weekly Declines

After a series of wins for much of 2019, sister metals Palladium and Platinum are both set for record weekly declines. BusinessDay reports Palladium is down 19 percent from a historic peak of $1,620.53 in March. Platinum declined 0.6 percent to $824.95 per troy ounce, even hitting a two-month low of $818.50 earlier in Friday’s session.

Both Precious Metals are essential components of automobile catalysts, widely used to help reduce carbon emissions. As questions arose about the future of fuel-cell cars and trucks, Palladium and Platinum have seen several price challenges. Earlier this year, positive manufacturing numbers from China gave a boost to Platinum Group Metals, but weaker data in recent weeks has reversed much of that support.

At 9:57 a.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,284.40 Down $4.40
  • Silver, $14.53 Down $0.10
  • Platinum, $822.80 Down $12.80
  • Palladium, $1,324.30 Down $12.40

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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