Gold Price Sees Slight Uptick on Tuesday - Gainesville Coins News
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Gold Price Sees Slight Uptick on Tuesday

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Gold Price Sees Slight Uptick on Tuesday

The precious metals moved higher this morning despite a surge in risk appetite among investors. Gold prices opened modestly in the green (+0.25%) at $1,339 per ounce.

Spot silver was up 7¢ (+0.45%) to right around $16.55/oz.

Palladium jumped for the second straight session, gaining 1.9% (+$18) to about $945/oz.

Meanwhile, platinum was just below unchanged at $927/oz.

Price Inflation Ticks Higher, Stocks Rally

Equities seem to have returned to a risk-on pattern this week as jitters over a U.S.-China trade war are settling down.

Chinese president Xi Jinping

Global investors breathed a sigh of relief as Chinese President Xi Jinping reiterated promises to open up China's economy to foreign investment in key sectors. He also suggested the government would look at ways of possibly lowering existing tariffs.

Xi's comments were made at an important financial conference called the Boao Forum. The Boao meeting is essentially Asia's version of the Davos gathering held in Switzerland each year.

Stocks closed sharply higher in Asia, led by the Shanghai Composite index (+1.9%). Shares were also up strongly in Europe on Tuesday. Germany's DAX led the pack 1% higher.

In the U.S., the big economic news was a better-than-expected producer price index (PPI) reported by the Department of Labor.

PPI rose 0.3% in March, far exceeding expectations. Wholesale prices are up 3.0% year-on-year.

This pushed Wall St futures as much as 1.5% into positive territory.

U.S. stocks closed slightly higher yesterday. However, all three indices slid at the end of the session after trading as high as 2% in the green during the afternoon.

Facebook Chief Zuckerberg Faces Congressional Hearings

Lawmakers will question Facebook CEO Mark Zuckerberg this week as the company's data-sharing scandal continues to unfold.

Zuckerberg testifies before congressional committees today and tomorrow. He has vowed to address issues with the social media platform, but has also admitted that at least 87 million user accounts may have had personal data improperly exposed.

The dollar was off its morning highs, trading at 89.7 on the DXY index. Both the pound and euro were up modestly against the USD while the yen held around ¥107 per dollar.

Russia's ruble has been among the worst-performing currencies as a new round of U.S. sanctions are buffeting some of the country's wealthiest companies. The ruble is at its lowest in almost 16 months.

Commodities continued to rally. WTI crude advanced about $1.30 (+2.0%) to $64.70/bbl after jumping better than 2% on Monday, as well.

Precious metal futures also continued to point a bit higher.

The 10-year Treasury yield traded at about 2.79%, up one basis point. Any selloff in bonds may have been tempered by small business optimism in the U.S. falling to its lowest in five months.

 

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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