A Choppy Week for Precious Metals
APMEX
1/8/2021 8:36:40 AM
Rough Week for Precious Metals
Political turmoil has driven markets this week, with a contentious environment in the U.S. resulting in fluctuations in Precious Metals, Treasuries and the dollar. Gold dropped to start Friday, dipping to $1,900.40 per ounce by 9 a.m. EST.
Senate runoffs on Tuesday in Georgia resulted in a Democratic Senate, and though certification of Joe Biden’s presidential victory was delayed by a mob breaking into the Capitol on Wednesday, by Thursday morning Democrats solidified control over both houses of Congress and the presidency. Donald Trump conceded the race on Thursday in the wake of the certification.
Jobless rates are expected to be up in the U.S. for the first time in eight months. Treasuries fluctuated through the week, but broke 1% yields for 10-year bonds for the first time since March on Wednesday.
Stocks have climbed all week. Oil shot up in the wake of Saudi Arabia announcing production cuts.
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
