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Weekly Market Reports

Gold Holds Steady as Treasury Yields Slip

Daily Gold & Silver Market Report – 7/22/2019

  • Gold prices steady following positive yet volatile week. 
  • Central banks around the world more dovish on monetary policy.
  • Strategists at Goldman Sachs believe there is little room for additional stock market gains.

Gold prices held steady Monday morning after volatile but ultimately bullish trading last week. U.S. Gold futures declined slightly, opening with somewhat smaller trade volume. FX Empire observes a dip in U.S. Treasury yields underpins the market. Higher U.S. dollar strength is also pressuring global demand for dollar-denominated Precious Metals. 

Continued support for Gold is largely driven by predictions of a 25-basis point interest rate cut. During early Monday trading, investors priced in a 100 percent chance of a quarter-point cut to interest rates, although some feel cuts could be even more aggressive. Gold prices may also prove to be sensitive to rising violence and tensions in the Middle East.

Central Banks Grow Increasingly Dovish

Market watchers are paying close attention to the euro on growing forecasts of an interest rate cut by the European Central Bank. Other central banks across the globe are also considering rate cuts, rallying around remarks from U.S. Federal Reserve officials. Investing.com recalls that Fed Chair Jerome Powell has mostly balked at President Trump’s attacks, making clear the Fed makes its own decisions. However, the markets seem convinced interest rates could be cut by as much as 50 basis points following the Fed’s September policy meeting. 

Other events this week that could affect Precious Metals prices include news arriving Tuesday regarding U.S. existing home sales. Japanese and U.S. manufacturing data is expected Wednesday, followed by a report of the German business climate Thursday. The European Central Bank holds its rate-setting meeting later this week, as well. 

Goldman Strategists Say Stocks May Have Peaked

After a 19 percent climb for the S&P 500 Index this year, strategists at Goldman Sachs see little opportunity for further gains. In a note to clients, as reported by Bloomberg, Goldman strategists said, “The path forward for index ROE is likely to be challenging, although lower interest rates and lower tax rates may provide support.” Lower 2020 earnings-per-share forecasts and policy uncertainty will be a challenge for any upside potential, according to the note. Benchmark American equity assessments hit record highs in July as buyers bought into predictions the U.S. Fed would cut interest rates to avoid a broader recession. 

At 11:48 a.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,429.20 Up $0.70
  • Silver, $16.47 Up $0.22
  • Platinum, $850.70 Down $0.40
  • Palladium, $1,529.90 Up $13.60

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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