Gold and silver are trading sideways after consolidating around $1,556.00 and $17.80 as metals markets look for any news to swing prices in a particular direction. Falling bond yields have offset a rising US dollar and President Trump’s impeachment trial isn’t having any meaningful impact on markets. Equities, which fell yesterday on China’s corona virus fears, have rebounded slightly, but remain lower than they were earlier in the week.
Gold got a boost today on weak PPI data that showed wholesale pricing rose 0.10% in December, missing estimates of 0.20%. For the year, wholesale pricing rose only 1.3%, totaling just half of its 2018 rise. Gold is up $13.50 currently, as weak inflation data could signal a possible 2020 rate cut, or more likely, not any rate hikes this year. The US and China have signed phase one of a trade deal but the ambiguity of when and what phase two will entail leaves much uncertainty regarding future relations between the two countries. Tariffs are expected to remain in place for the time being.
Gold and silver dipped below $1,550.00 and $18.00 on positive US-China news as both countries are scheduled to sign phase one of a trade deal on Wednesday. The US will also remove China from its currency manipulator list as a sign of good faith. Stocks are up ahead of this week’s meeting on hopes that phase one will lead to substantive growth and pave the way for further negotiations between the two countries.
Gold and silver are poised to end Friday in the green, after a volatile trading week that saw price fluctuations greater than 4% for each metal. Today’s rise comes after a somewhat disappointing December jobs report missed expectations for both job growth and wage growth. Stocks, which began the day on a tear as the Dow broke 29,000 for the first time, have since retreated and are currently down across the board.
After rising above $1,610.00 last night when Iran bombed two Iraqi airbases housing US troops, gold has since retreated significantly and is currently trading at $1,560.00 on apparent easing of tension between the two countries. No lives were lost in the attack prompting speculation that Iran was merely showing their military capabilities. President Trump’s response this morning called for increased sanctions against the Iranian regime but no military response. Stocks are surging today with the S&P and Nasdaq hitting record highs.
Gold continues to soar, rising as high as $1,589.00 in early-hour trading before stabilizing around $1,563. 00. Silver rose as high as $18.50 but quickly dropped and is currently trading at $18.10. Increasing hostility between the US and Iran and subsequent uncertainty surrounding the future political landscape of the region continue to weigh on investors. Stocks so far, are on track for a better day than their last two trading sessions with the Nasdaq positive and the Dow and S&P down only marginally.
Gold is trading at $1,547.90, up $22.80, after a US drone strike killed General Soleimani, head of the Iranian Revolutionary Guard Corp and one of the highest-ranking military officials in Iran. While Iran’s conventional military capacities are limited, its financing and influence of groups like Hezbollah throughout the region are cause for concern. Oil prices are up significantly, and equities are down, with the Dow losing over 180 points midday.
Stocks are down heading into the final two trading sessions of 2019, as manufacturing and pending home sales data both fell short of expectation. Gold and silver are trading virtually flat Monday afternoon, as weak economic data is being offset by promising trade news between the US and China as the two countries are likely to sign the first phase of a trade agreement by the end of this week.
Gold and silver are on pace for one of their best weeks in months, rising 2.3% and 4.4% respectively as the US dollar continues to lag, down over .50% today. Stocks are up marginally, hoping to continue their impressive winning streak that has seen several record closes over the past two weeks including the Nasdaq breaking 9,000 for the first time ever yesterday.
Metals are mixed with gold down slightly trading at $1,477.20 and silver reaching its highest level in over two weeks, currently trading at $17.20. Platinum and palladium are down significantly, dropping 2.1% and 4.6% respectively Friday. Equities are on pace for another record-breaking week, still feeding off improving trade relations and unphased by President Trump’s impeachment.