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Weekly Market Reports

Gold Prices Aimed at Weekly Gain

Daily Gold & Silver Market Report – 7/19/2019

  • Rising Gold prices ease, but hold on to gains.
  • Silver climbs to one-year high spot price.
  • Rhodium prices increase as emissions standards tighten. 

Bullish Gold prices eased Friday morning, following a previous surge to a six-year high of $1,450 per troy ounce. The cooling prices have been attributed to investors booking profits. Further losses were held back as rising tensions in the Middle East and forecasts of lower interest rates helped Precious Metals hold onto some momentum. Reuters reported recent remarks from New York Fed President John Williams have widely been interpreted as an argument in favor of quick changes in monetary policy. 

Mitsubishi Analyst Jonathan Butler is quoted by Reuters as saying, “What we have been seeing over the past couple of hours is a natural bit of profit-taking with Gold having made this big move higher. Investors are holding their breath going into the end of the week and the seasonally slow summer period.” Predictions of a 25 basis points interest rate cut by the U.S. Federal Reserve later this month have driven Gold prices for several weeks.

Silver Sees Highest Finish in More than a Year

Thursday was the fifth-consecutive day of gains for Silver futures, as they reached their highest finish in more than a year. Rising Gold prices have helped Silver in recent weeks and a potential supply shortage is drawing in strength, as well. MarketWatch quotes TIAA Bank President of World Markets Chris Gaffney as saying, “We were overdue for a rally in Silver as the Gold/Silver ratio was sitting near historic highs.” Gaffney concludes Silver was due to catch up, as it has not seen the same 2019 gains enjoyed by other Precious Metals. Silver showed gains in the previous four sessions, rising almost 6 percent so far in July.

Car Makers Send Rhodium to 11-Year High

While Palladium has made the most headlines in 2019, auto manufacturers have also sent Rhodium prices skyrocketing. Like other Platinum Group Metals, Rhodium is used in catalytic converters to reduce carbon and nitrogen oxide emissions. According to a New York Times report, Rhodium has risen from $615 per troy ounce in mid-2016 to $3,565 an ounce in July, climbing by more than $1,000 since February. While some analysts believe prices could reach $4,000 this year, Rhodium is more volatile than other Precious Metals. The Times writes that short term prospects are good, “But the rhodium market is smaller -- around 1 million ounces a year compared to 10 million for Palladium -- and less liquid, so even temporary mismatches in supply and demand can dramatically impact prices.”

At 12:22 p.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,428.40 Down $1.20
  • Silver, $16.25 Down $0.01
  • Platinum, $850.70 Up $1.80
  • Palladium, $1,514.90 Down $6.00

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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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