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Weekly Market Reports

Gold Remains Stable as Stocks Decline

Daily Gold & Silver Market Report – 7/8/2019

  • Declining stocks fail to send support toward safe-haven Gold.
  • Fed Chair Powell scheduled to appear before Congress.
  • A strong U.S. dollar may be more critical to economy than ending trade war.

As stock prices turned downward Monday, Gold prices remained stable. While declining markets typically send Precious Metals prices soaring, Gold seemed unable to gain support. Investing.com observes investors are still cautious until the next Federal Reserve policy decision. Comex August Gold futures slipped 0.1 percent, to $1,399.05 per ounce by 10:42 a.m. (ET). Spot Gold traded at $1,399.50. Last week, a better-than-expected U.S. jobs report led many analysts to question whether the Fed would still lower interest rates this year.

No major U.S. economic reports were released during Monday’s morning session. News that Japan’s core machinery orders fell during June did add to existing concerns that global trade tensions are having a negative effect. Industrial production in Germany showed signs of slight growth in May, but actual numbers failed to meet expectations. This disappointing data added to existing worries about an economic slowdown in Europe.

U.S. Fed Chair Jerome Powell will give testimony to Congress later this week. While many market watchers will pay close attention, firm news regarding interest rates will not likely appear until late July.

U.S. Dollar Value Could Be More Critical than the Trade War

While bright spots have recently appeared in the economy, many believe the Federal Reserve will lower interest rates at some point this year. Analyst Samantha LaDuc writes on Seeking Alpha if the Fed fails to ease monetary policy, the possibility of driving a U.S. dollar rally cannot be avoided. She believes, “A higher USD will help to suppress yields, so bonds will continue on an uptrend as well.”

LaDuc maintains the U.S. dollar is more crucial to our economy than the trade war, “primarily because the USD lubricates global finance and global economics.” She observes there are $8 trillion in transactions of the dollar, 3200 times more than the amount impacted by the Trump Administrations new tariffs. LaDuc points out an estimated 80 percent of global trade is financed by U.S. currency. The article goes on to list five triggers that could impact the dollar going forward, including Chinese devaluation of the yuan, and liabilities in emerging markets.

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

  • Gold, $1,397.40 Down $3.20
  • Silver, $15.12 Up $0.06
  • Platinum, $818.00 Up $7.60
  • Palladium, $1,566.90 Down $9.30

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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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