Weekly Market Reports

Gold Price Hits 3-Month High

Daily Gold & Silver Market Report – 6/3/2019

  • Price of Gold surges to 3-month high.
  • Silver closes May with the fourth month of declines.
  • Spot Platinum sees gains to start June.

Amid continued, widespread losses for stocks, Gold futures hit a 3-month high Monday. Investors are fleeing riskier assets and embracing safe havens, including Precious Metals. Much of this movement is attributed to ongoing tariff tensions between the U.S. and several trade partners around the world. MarketWatch reports as of 8:41 a.m. (ET) Gold for August delivery was up 0.9 percent, gaining $11.30. Gold futures markets closed 1.5 percent up on Friday. July Silver futures were also on the rise.

Friday, global markets were shaken by a new tweet from U.S. President Donald Trump announcing surprise tariffs against Mexico. These 5 percent tariffs will be imposed to compel the Mexican government to stop the flow of illegal immigrants into the United States. Economists pointed out tariffs against goods from Mexico, such as avocados and tequila, could directly increase consumer prices and put a dent in spending. Gold, along with bonds, have seen a rally in recent week as market volatility once again tarnished the appeal of risky stocks. Both the Dow Jones Industrial Average and the S&P 500 Index extended May declines.

Declines in Silver Price Signals Global Growth Concerns

So far this year, the price of Silver has fallen nearly 6 percent. The Wall Street Journal also points out the Gold-to-Silver ratio reached its highest position in more than a quarter century. This gap is being interpreted as a sign that global growth is slowing, as analysts commonly use the Silver-Gold relationship to measure economic momentum.

Last week, Silver prices closed with a fourth-consecutive monthly decline. Silver, a critical component in electronics manufacturing, could see even more reductions if consumers respond harshly to increasing retail prices. Spot Silver and Platinum were up Monday morning, while Palladium prices fell.

At 12:02 p.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,322.20 Up $13.30
  • Silver, $14.83 Up $0.16
  • Platinum, $822.50 Up $25.30
  • Palladium, $1,320.00 Down $18.50

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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