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Weekly Market Reports

Gold Prices Rise Above $1,400

Daily Gold & Silver Market Report – 6/24/2019

  • Gold continues to rise, topping $1,400.
  • Fed cues regarding lower interest rates increase market interset in Silver. 
  • U.S. dollar continues to guide Precious Metals more than Chinese yuan. 

The price of Gold continued to move higher on Monday morning, reaching higher above $1,400. The yellow metal has recently gained momentum amid the potential for dovish monetary policy from the U.S. Federal Reserve. Other central banks have announced similar plans, as the global economy signals a slowdown. On Friday, Gold settled above $1,400 per troy ounce for the first time since late 2013, according to data cited by MarketWatch. When interest rates are cut, Gold prices typically rise as more buyers are attracted to the asset.

Aside from slowing economic growth, tensions between the U.S. and both Iran and China have pushed investors toward Gold. Buyers often seek out safe haven investments like Precious Metals when riskier markets show volatility. U.S. President Donald Trump expressed plans over the weekend to sanction Iran starting on Monday, but also predicting a positive future for the two countries.

Fed Meeting Gives a Boost to Silver Prices

While Gold and Palladium have gathered quite a bit of new support in recent weeks, Silver continues to lag. Analyst Andrew Hecht predicts on Seeking Alpha that market sentiment will continue to be a significant driver of Silver prices. Hecht observes that Silver prices tend to be the most volatile compared to other Precious Metals. “When the Silver market begins to move, few markets can motor higher or lower on a percentage basis,” he wrote.

Hecht believes that a substantial shift in sentiment is needed to truly bring investors back to Silver. While recent news from the U.S. Federal Reserve pointing to lower interest rates has boosted Silver, the market is not showing signs of a full rally. “The break to the upside in the Gold market could propel Silver higher, as the Silver market has lots of catching up to do based on its historical price level compared to Gold,” Hecht said. “The path of least resistance for Silver will depend on the market's sentiment, but the odds now favor an increase in interest in the Silver market given last week's price action.”

U.S. Dollar Values Continue to Govern Precious Metals

Most commodities, including Precious Metals, are globally priced in U.S. dollars. MetalMiner recalls that a few years ago, some analysts predicted that the yuan would soon replace the dollar as the world’s reserve currency. However, this projection is yet to come true. The article points out that U.S. and Chinese Gold prices move firmly together, but often move inversely against the dollar. The Chinese yuan “fluctuates more widely against the dollar, with little apparent impact on Gold prices.” MetalMiner’s analysis concludes that Gold will rise as dollar demand gets weaker, adding “Once Gold reaches higher prices, Silver may finally follow suit, with the Gold-to-Silver ratio finally dropping back from current highs that strongly favor Gold mine production.

At 11:56 a.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,417.10 Up $18.00
  • Silver, $15.49 Up $0.11
  • Platinum, $815.40 Up $1.40
  • Palladium, $1,534.40 Up $22.80

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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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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