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Weekly Market Reports

Jobs Report Adds to Winning Streak for Gold

Daily Gold & Silver Market Report – 6/5/2019

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

Wednesday, Gold prices escalated to the highest point in more than a year, following an ADP jobs report showing lackluster hiring in May. This upward movement continues a long winning streak for Gold as several signs of economic uncertainty add to its appeal. Market watchers now believe there is a good chance of an interest rate reduction from the Federal Reserve soon. MarketWatch reports August Gold futures on Comex went up $19.30, or 1.5%, to $1,348.30 an ounce. Gold bullion is now on track for six-consecutive days of gains, the longest streak since an 11-day run in January 2018.

ADP released a report showing private-sector employers hired 27,000 people during May, the lowest since March 2010. Ongoing trade negotiations between the U.S. and several other countries led Fed Chair Jerome Powell to indicate an interest rate reduction could be possible if tariff disputes continue.

U.S. Tariffs on Mexican Goods May Not Happen After All

White House Trade Adviser Peter Navarro said President Donald Trump’s previously announced tariffs on goods from Mexico “may not have to go into effect.” A report on CNBC states the U.S. and Mexico are currently in talks regarding trade and immigration. Navarro, who has been a strong supporter of Trump’s tariffs in the past, told CNN that Mexico could make certain concessions during meetings that would effectively stop the tariffs. The previously announced tariffs had shaken stock markets and given a boost to Gold prices.

If Mexican officials agree to take a harder stance against asylum seekers, strengthen its borders with Guatemala and end government corruption at border checkpoints, no tariffs would be needed. Economists observed tariffs on Mexican exports like avocados and tequila could increase consumer prices and reduce retail spending. If tariffs are implemented as planned, it could provide a boost for Precious Metals, as investors turn away from riskier assets impacted by an economic downturn. On the other hand, Mexico is one of the world's top producers of Silver, so any imposed tariffs would likely affect spot prices, as well. 

At 11:10 a.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,332.80 Up $6.10
  • Silver, $14.94 Up $0.07
  • Platinum, $816.40 Down $5.70
  • Palladium, $1,327.40 Down $121.40

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Disclaimer:
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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