Weekly Market Reports

Gold Battles to Recuperate Above $1,280

Daily Gold & Silver Market Report – 5/20/2019

Last week, the price of Gold lost nearly $10 per troy ounce under pressure from a strong U.S. dollar. On Monday, the yellow metal continued to battle for recovery above the $1,280 mark, hitting as low as $1,276.49 earlier in the day. FXStreet reports while most market sentiment was on the negative side Monday morning, “the fact that the 10-year US Treasury Bond yield stays flat on the day suggests that investors are not yet fleeing to safer assets.” During early trading, the Dow Jones industrial average lost 0.65 day-over-day, while the Technology Index also succumbed to sizeable losses.

Silver, Gold Consolidate Lows as U.S. Dollar Holds Steady

Precious Metals traded down Monday, held back by a strong U.S. dollar. However, the ongoing trade war between China and the United States is helping build support for risk-averse investments. According to FX Empire, investors are still processing news that Google will discontinue doing business with Huawei, a position shared by the Trump Administration. FX Empire Analyst James Hyerczyk maintains that “Gold prices could continue to get crushed if demand for the greenback rises from a combination of safe-haven demand and a strengthening U.S. economy.” Silver traded in consolidation mode after hitting new lows for 2019, around $14.39 per troy ounce.

More Trade Tensions and EU Elections Expected this Week

Trade tensions around the globe, largely driven by volatile negotiations between the U.S. and China, are likely to continue throughout the week. reports this will lead to ongoing unrest in markets that may be further impacted by other major economic events in the coming days. Minutes from the U.S. Federal Reserve’s recent meeting are scheduled for release Wednesday, and will reflect the positions taken by key officials prior to the vote to keep interest rates at bay.

Also this week, several major economic reports will be released, which could provide a measure of the impact from the trade war. The U.S. will announce durable goods orders data, along with new and existing home sales. Canada, the U.K. and the Eurozone will also release economic briefs. Beginning May 23, voters in the European Union will elect lawmakers to the EU Parliament, which will serve as a test for Europe’s ability to approve a European Commission president and budget in the near future.

At 11:42 a.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,280.10 Up $1.80
  • Silver, $14.53 Up $0.05
  • Platinum, $817.00 Down $5.30
  • Palladium, $1,339.00 Up $21.20

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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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