Weekly Market Report for Precious Metals: July 12th-18th

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In this Weekly Market Report for Precious Metals we see some drop in prices, the rally seems to have weakened. Traders are now pricing in higher chances that the Federal Reserve will raise interest rates this year. The U.S. economic reports including retail sales and industrial production released throughout the week signaled improving growth. Traders saw 44 percent probability the Fed will raise rates by year-end as of Friday, up from 15 percent after the UK’s vote to leave the European Union. The Federal Reserve meet again on July 26 and 27. A coup attempt in Turkey late Friday was quickly quashed and has not had a serious impact on the world marketplace. Late summer in approaching, which historically means trading interest in many markets taper off until after the U.S. Labor Day holiday in early September. On Monday the dollar was up against the euro, the British pound was also up and the yen weakened versus the dollar well over 1.00%. Crude oil prices were also slightly lower. U.S. economic released Monday, July 18th, is light and includes the NAHB housing market index and Treasury international capital data, it did show that home prices have hit record highs in some major U.S. metropolitan areas.


Gold started the week on Tuesday, July 12th at $1352.85. It was down to $1323.60 on Thursday and rose again on Friday to $1327.00. Monday gold ended at $1328.10. Gold trends don’t seem to have seem to have a clear direction right now, interest rates and at record-lows and currencies are prey to international political fears and U.S. stocks remain susceptible to Fed rate hike speculation.


Silver started the week at $20.35 and was down to $20.25 on Thursday. On Friday silver was down to $20.14 and on Monday changed little, ending at $20.13. Silver is continuing to follow gold price trends.


Platinum started at $1100 and was down to $1085 on Friday. On Monday Platinum made some gains and ended at $1095. This is still a strong price for platinum, which has been struggling to break the $1000 mark.


Palladium broke the standard this week, and made some gains. It started the week at $625 and was up to $647 on Friday.On Monday it ended at down a few dollars to $639.

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