Weekly Market Reports

Gold Prices Unshaken as U.S. Dollar Withdraws

Daily Gold & Silver Market Report – 5/22/2019

  • Gold price unshaken leading up to Federal Reserve announcements.
  • The U.S. dollar declines alongside equity markets.
  • Changing demands in the auto-industry will affect demand for Platinum. 

The price of Gold steadied Wednesday morning slightly up from two-week lows seen in the previous session. This stability comes as equity markets decline and the U.S. dollar retreats from recent wins. ING Analyst Warren Patterson told Reuters, “Today’s Gold move is largely a reflection of a slight weakness in the dollar and lower equity markets supporting prices.”

Market watchers are also focused on the release of minutes from the most recent Federal Reserve meeting Wednesday afternoon. Some analysts predict price movement for Gold in the coming weeks will largely depend on factors like monetary policy and the trade war between U.S. and Chinese governments. However, Fed Chair Jerome Powell recently said it was too soon to make judgments about how any new tariffs would impact U.S. monetary policy decisions.

Three-Way Auto Catalysts Could Be a Win for Platinum Group Metals

As fuel-emissions standards change, the price of individual Platinum Group Metals could affect the types of cars we drive. In an article for MoneyWeek, financial write Dominic Frisby observes that Platinum, Palladium and Rhodium are all critical components in catalytic converters, but useful in different ways. The primary use of Platinum is for diesel engines, while Palladium most often appears in gasoline vehicles. Rhodium is seven-times more effective at cutting carbon emissions in gasoline engines than Palladium. Platinum is sometimes used in gasoline-powered engines, but only when it sells at a 50 percent discount to Palladium. Therefore, Frisby writes, “In [the] future, it’s likely we’ll see three-way catalytic converters, which contain Rhodium, Platinum and Palladium, make a comeback.”

Electric cars have not gained prominence as quickly as once thought, but electric-gasoline hybrid engines may serve as stepping stones to the adoption of fully electric cars. Hybrid vehicles still require catalysts to reduce carbon when the fuel engine kicks in. Frisby predicts demand for fuel-cell vehicles is expected to rise, “but not until the early to mid-2020s.” He forecasts that when fuel powered engines again increase in popularity, demand for Platinum will follow suit.

At 11:53 a.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,278.10 Up $2.30
  • Silver, $14.54 Up $0.04
  • Platinum, $808.70 Down $8.70
  • Palladium, $1,324.30 Down $0.20

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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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