Weekly Market Reports

Price of Gold Still as U.S. Dollar Retreats

Daily Gold & Silver Market Report – 5/24/2019

  • 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.

Friday morning, Gold prices remained firm, following a rise above $1,280 per troy ounce Thursday. Weaker-than-expected U.S. data, meanwhile, reversed the dollar’s recent wins. These changes sparked new forecasts the Federal Reserve might announce a rate cut sometime this year. reports spot Gold is still pointed toward an overall positive week, up 0.5 percent. The article points out Gold is seeing strong support near $1,270, but again seeing resistance at $1,290.

Disappointing U.S. domestic data paired with the economic fallout of an ongoing trade war with China has given rise to hopes an interest-rate cut will be introduced in 2019. Single-family home sales in the United States fell from “near an 11 1/2-year high in April as prices rebounded and manufacturing activity hit its lowest level in almost a decade in May, suggesting a sharp slowdown in economic growth was underway,” according to To make matters worse, four Fed representatives admitted Thursday trade tensions between Washington and Beijing could challenge economic growth.

Silver Futures Strike New Low for 2019

On Tuesday, July Silver futures hit $14.35 per troy ounce, a new low for this year. On May 17, spot Silver declined to the then-new 2019 low of $14.48. This downward slump has been nearly continuous since the Precious Metal surged above $16 per ounce in February. Commodities Analyst Andrew Hecht, writing for Seeking Alpha, observes “Technical metrics are in oversold territory, but open interest has been easing higher, which is a dangerous sign for the Silver futures market.”

Hecht maintains when a metric that measures the overall number of open long and short positions ascends as the price declines, “it tends to be a technical validation of a bearish trend. However, in the Silver market that moves on sentiment, it could be a sign of bargain hunting in the Silver market.”

Stocks Markets Rise After a Week of Defeats

Stock futures in the United States rose Friday after a brutal week of defeats. Many of the losses were exacerbated by the ongoing trade war between China and the U.S., and burgeoning signs the global economy is slowing down. The Street reports contracts related to the Dow Jones industrial average were up 172 points. However, the Dow was down almost 300 points to close Thursday, due to investor panic in response to weak manufacturing data and diminishing oil prices in the United States. Market volatility is often a precursor to rising Precious Metals prices, as investors turn to safe haven assets such as Gold, Silver and Platinum.

At 5:20 p.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,286.90 Down $1.10
  • Silver, $14.64 Down $0.07
  • Platinum, $807.90 Up $6.40
  • Palladium, $1,339.70 Up $19.90

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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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