Weekly Market Reports

Gold Pulls Back Ahead of Fed Announcement

Daily Gold & Silver Market Report – 6/19/2019

  • Pending Fed announcements keep Gold prices at bay.
  • Silver makes another attempt above $15.
  • U.S. Treasuries slip as central banks signal easier monetary policy.

The price of Gold pulled back Wednesday morning, down from a 14-month high. This dip came as investors waited for new monetary policy statements from the U.S. Federal Reserve. Many in the market are hopeful an interest rate cut will be announced. MarketWatch reports Gold futures for August delivery slipped a full $4, or 0.3 percent, to $1,346.70 per troy ounce. Market Analyst Edward Moya pointed out in a note, “Gold prices are awaiting fresh clues from the world’s largest central banks that fresh stimulus is on the way.”

All new policy decisions from the Fed are scheduled at 2 p.m. (ET) Wednesday. Fed Chair Jerome Powell is expected to hold a news conference at 2:30 p.m., giving further comments on any new policy, or lack thereof. Forecasts of declining interest rates lower the appeal for bonds, sending support for bullish Gold buying. Rumors of lower interest rates in the U.S., along with growing signs of slowing global growth, have supported Precious Metals for much of the past few weeks.

Silver Markets See Another Rally

On Tuesday, Silver markets experienced yet another rally. An FX Empire article published on Yahoo! Finance observes that Silver investors are still trying to deal with Silver at the $15 level. The European Central Bank has teased the idea that regulators could soon intervene and ease monetary policy to spur growth. If this occurs, all Precious Metals could see a rally. If the Fed announcement Wednesday falls in line with sentiments from the ECB, it could bring even more support to Silver.

Analyst Christopher Lewis writes in the article, “Overall, unless the Federal Reserve is more hawkish than expected, I don’t see a scenario where Precious Metals don’t gain. That doesn’t mean it has to happen in the next 24 hours, but we need to start thinking about the fact that the market is trying to turn itself around completely.” Lewis points out that in the event of a more significant Precious Metals rally, Silver typically lags behind Gold.

U.S. Treasuries Slip as Stocks Stay Neutral

As investors waited for news from this week’s Federal Reserve meeting, U.S. Treasuries went down and equity futures maintained a holding pattern. The U.S. dollar also “drifted,” according to Bloomberg. While several central banks show signs of easing monetary policy, some investors are still concerned about U.S.-China trade tensions and slowing economic growth around the world. President Donald Trump stated Tuesday that positive conversations had taken place and a more thorough meeting would take place at the G-20 summit in late June. A weakening greenback often helps dollar-denominated Precious Metals prices, as it increases buying power for investors using other currencies.

At 11:13 a.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,346.80 Down $2.80
  • Silver, $15.06 Down $0.03
  • Platinum, $807.20 Up $2.20
  • Palladium, $1,501.40 Up $16.10

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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