Looking at the Week: Gold Gains on the Weaker Buck
- Precious metals finished up Friday despite its dips during the week.
Precious metals were up on Friday despite many taking dips earlier in the week. Plus we run through key stories in the space for the week.
Both gold and silver prices finished up Friday, 14 September after USD dipped on weaker-than-expected US inflation data and a recovery in emerging markets.
As of 11:04a EDT Friday, the precious Yellow metal was trading at 1,197.90/oz. It hit its highest mark since 28 August in the prior session, when it rose to 1,212.65.
As for the Devil’s metal, it was trading at $14.13 per ounce as of 11:07a EDT.
Silver was the precious metal making the most news on the week, sinking to its lowest mark in 2.5 years on Tuesday, 11 September.
There have been a lot of people that have given up on the Silver market recently, and that is verified by the amount of retail sales in silver.
The dip Tuesday, to under 14 was unexpected, and was driven more by selling pressure than by buying pressure. I expect that the Devil’s metal will start to significant gains again by early Y 2019.
As for gold, the head of commodity strategy at Saxo Bank in Copenhagen, stated, “we have seen quite a bit of weakness in the dollar which has supported gold, but we’re not out of the woods yet.”
He added, “The fact that gains were not stronger has still got to do with gold’s focus on the Chinese Renminbi (RMB Yuan), which remains a bit challenged, but also that the market is starting to look forward to the next US rate hike.”
Analysts are saying gold is showing a close correlation with the RMB Yuan in here.
On the RMB Yuan (offshore)
- USD/CNH: +0.48% to 6.877
- Offshore Yuan turned negative for the week after it was reported that US President Trump is seeking the imposition of tariffs on another $200-B worth of imports from China despite the efforts to revive trade talks
- China’s August Retail Sales +9.0% Y-Y(expected 8.8%; last 8.8%), August Industrial Production +6.1% Y-Y (expected 6.0%; last 6.0%), and August Fixed Asset Investment +5.3% Y-Y (expected 5.5%; last 5.5%). August Unemployment Rate 5.0% (last 5.1%)
The other precious White metals
Platinum and Palladium were up slightly on the week. As of Friday, 11:19a EDT, Platinum was trading at 799/oz, while Palladium finished at 982/oz.
Have a terrific weekend
Latest posts by HEFFX (see all)
- Xiaomi Follows Huawei Onto The USA Blacklist - January 15, 2021
- BlackBerry Huawei Patent Deal - January 15, 2021
- Data Protection Regulators in any European Country can Bring Privacy Complaints Against Facebook - January 15, 2021