Weekly Market Reports

Gold Dips Ahead of Fed Meeting

Daily Gold & Silver Market Report – 6/17/2019

  • Price of Gold declines from previous-session wins.
  • Investors hope for new Fed interest rate policy announcement.
  • European Central Bank to hold policy meeting this week.

The price of Gold withdrew early Monday, falling from the 14-month peak hit in the previous session. Gold’s downward movement comes as market watchers prepare for a U.S. Federal Reserve meeting this week. A stronger U.S.dollar and positive U.S. retail sales also limited support for the yellow metal. According to Reuters, spot Gold fell 0.6 percent to $1,333.81 per ounce at 4:46 a.m. (ET). On Friday, Gold traded up to $1,358.04 per ounce, the highest value since April. Gold futures also dipped half a percent. Analyst Carlo Alberto DeCasa is quoted in the Reuters post as saying, “After weeks of positive movement we are seeing a correction in gold prices, however, the trend remains positive.”

Over the past few months, buzz has grown within the financial sector that the U.S. Federal Reserve will cut interest rates once or twice this year. Many hope Fed Chair Jerome Powell affirms these rumors this week, potentially boosting Gold. A stronger U.S. dollar also pressured Gold. A significant wildcard remains, however, related to trade tensions between the U.S. and China. This week, the Office of the U.S. Trade Representative will hear testimony from manufacturers, retailers and other businesses with their response to the plan to leverage $300 billion worth of tariffs against Chinese goods. Unresolved economic tensions typically benefit Gold, as people turn to Precious Metals as a safe-haven asset during volatile times.

Major Global Trade Data Expected this Week

While many investors focus on this week’s Federal Reserve meeting, other major economies will also hold meetings or announce trade data throughout the week. points to a three-day meeting of the European Central Bank as a momentous event. The outcome of the meeting, held in Sintra, Portugal, could have a significant impact on markets. At a similar session two years ago, remarks from ECB President Mario Draghi indicating the eurozone’s “strengthening and broadening” economic recovery led to a widespread selloff of bonds.

The Bank of Japan and the Bank of England each have policy decisions scheduled for Thursday. While many expect the two entities to keep monetary policy on hold, a surprise outcome could lead to additional support for Gold and Silver. Tuesday, China is expected to release updated house pricing numbers for May and Germany will release its sentiment index. Japanese export details and U.K. inflation data will be published Wednesday. The Federal Reserve Bank of Philadelphia business index will be released Thursday, along with British retail sales figures and an exploratory look at June eurozone consumer confidence.

At 10:53 a.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,341.50 Down $1.90
  • Silver, $14.94 Up $0.04
  • Platinum, $796.40 Down $11.30
  • Palladium, $1,467.00 Down $6.50

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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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