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Weekly Market Reports

U.S. Dollar Falls as Gold Prices Rise

Daily Gold & Silver Market Report – 7/10/2019

  • Gold prices rise as U.S. dollar struggles.
  • S&P gets a boost from Fed Chair Powell's remarks before Congress.
  • Fed planning inquiry into Facebook cryptocurrency.

Gold futures and spot prices rose Wednesday, setting the stage for the highest levels of the week. Meanwhile, U.S. dollar values fell following statements from Federal Reserve Chair Jerome Powell that many analysts interpreted as dovish. MarketWatch reports Powell said Wednesday morning, in a prepared speech before Congress, there is much uncertainty in the U.S. economy, driven by trade policy indecision and a slowing global growth. Powell reiterated the Fed “would act as appropriate to sustain the expansion.”

Spot Gold traded up at $1,412.43 as of 8:50 a.m. (ET), rising $17.76 per troy ounce. Other Precious Metals also benefited from Powell’s remarks before Congress. Silver rose to $15.36, while Platinum and Palladium leaped upward. 

S&P Briefly Tops 3,000

Following Fed Chair Powell’s testimony to U.S. Congress Wednesday morning, stocks escalated to record highs. Notably, the S&P 500 rose 0.4 percent to briefly break 3,000 for the first time in history. The upward movement was mostly driven by energy and tech sectors, according to CNBC. According to CME Group’s FedWatch tool, investors have priced in a 100 percent probability of an interest rate cut in July, even though a positive June jobs report limited expectations of more forceful easing. 

Fed Planning Investigation of Facebook Cryptocurrency

In his remarks before Congress, Fed Chair Powell indicated a working group had been set up to research the impact of Facebook’s upcoming cryptocurrency. A potential rival to Bitcoin, Facebook execs announced this year they were developing Libra, a digital currency operating through the company’s existing apps, including Messenger and WhatsApp. Responding to a question from House Financial Services Committee Chairman Maxine Waters, Powell said, “Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability.” Bloomberg quotes Powell saying, “These are concerns that should be thoroughly and publicly addressed before proceeding.”

At 1:23 p.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,413.00 Up $12.00
  • Silver, $15.29 Up $0.09
  • Platinum, $828.70 Up $14.60
  • Palladium, $1,599.00 Up $49.10

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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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