Gold Price Holds Its Ground at $1,300/oz - Gainesville Coins News
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Gold Price Holds Its Ground at $1,300/oz

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Gold Price Holds Its Ground at $1,300/oz

charting gold priceThe precious metals held steady Thursday as global markets looked to find their footing.

Spot gold was unchanged at $1,300/oz after futures prices inched higher yesterday.

The silver price rallied 0.95% during yesterday's session, but slipped 3¢ (-0.2%) to $16.46/oz this morning.

Platinum was largely flat at $905/oz and palladium dipped just below unchanged at $980/oz.

Trade Dispute Spreads to Europe

Even as U.S.–China trade policy hangs in the balance, the Trump administration is now placing pressure on another target: the European Union.

As a global trade war seems to be brewing, the U.S. is expected to formally impose tariffs on European imports of steel and aluminum.

Europe is the top trading partner of the United States.

Among the main sticking points is the number of automobiles the U.S. imports from Germany.

In other economic news, the inflation rate in the eurozone registered at 1.9% during May. This is seen as a welcome sign for the European Central Bank (ECB), which has spent years attempting to stir higher inflation.

The labor market in the U.S., meanwhile, continues to tighten. Jobless claims fell by 13,000 to 221,000 new claims last week.

There is still concern on this side of the Atlantic about the potential for big moves in markets in Europe.

Gold and small-cap stocks are currently being touted as the best safe havens from the possible turmoil.

The U.S. dollar was mostly unchanged at 94.0 on the DXY index.

Forex markets were similarly quiet as global currencies traded mostly flat.

Equities Mixed on Thursday

Wall St ended up rallying better than 1.2% by the closing bell yesterday.

Shares were mixed Thursday morning, with the Nasdaq squeaking out early gains even though the Dow and S&P 500 both dropped.

In Europe, equities were similarly mixed. Italian stocks have plummeted by 10% over the past few weeks as uncertainty over forming a new government continues to loom. However, some investors are using the pullback as a buying opportunity.

Asian indices recovered in earnest overnight. Stocks in Shanghai were up more than 2.1%.

Government debt still saw fresh demand. The 10-year Treasury yield was down two basis points to 2.84%. Bonds were also up in Europe.

Traders digested the latest economic news from the U.S. Department of Commerce. Inflation is currently close to the Federal Reserve's target of 2%.

Consumer spending also rose by the most in five months during April. The measure was up 0.6%, beating forecasts.

Another inflation gauge, the core personal consumption expenditures (PCE), rose 0.2% month-on-month and was up 1.8% year-on-year in April.

Oil continued to dominate movement in the commodities sector. Prices for Brent crude and WTI crude continue to diverge: The former was up 0.5% to about $77.90/bbl while WTI crude tumbled 1.8% (-$1.20) to below $67 per barrel.


The opinions and forecasts herein are provided solely for informational purposes, and should not be used or construed as an offer, solicitation, or recommendation to buy or sell any product.

About the Author

Everett Millman

Everett Millman

Analyst, Commodities and Finance
Managing Editor

Everett has been the head content writer and market analyst at Gainesville Coins since 2013. He has a background in History and is deeply interested in how gold and silver have historically fit into the financial system.

In addition to blogging, Everett's work has been featured in CoinWeek, Advisor Perspectives, Wealth Management, Activist Post, and has been referenced by the Washington Post.

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