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Bullion Insights Report for 13 May 2019

PRECIOUS METALS MARKET REVIEW.

Weekly Spot Price (6 May – 10 May 2019)
Open High Low Close
Gold 1280.410 1291.290 1276.820 1285.530
Silver 14.836 14.922 14.647 14.691
Platinum 864.340 883.340 841.470 858.940

 

Precious metals updates…

· China-U.S. Feud Fuels Haven Demand as Traders Rewrite Playbook Forget all the optimism that briefly reverberated through markets over trade on Friday. The weekend’s events have reshuffled the deck and traders are once again looking toward haven assets.
· Gold holds gains Gold edged higher on Friday and was heading for a weekly gain, supported by trade concerns after the United States hiked tariffs on Chinese goods after the recent trade talks between both countries.
· Gold steadies in Asia Gold prices held firm on Friday, drawing support from increased trade tensions after US President Donald Trump’s tariff increase on $200 billion worth of Chinese goods took effect, putting the bullion on track for a weekly gain.
· Gold price forecast: Upside favored after defense of key support for third straight week Gold could rise above $1,300 next week, having defended a long-term moving average price support for the third straight week.
· China Adds Gold For 5th Month, Demand Surges During Important Indian Holiday China’s central bank added gold to its reserves for the fifth month in a row in April, the latest emerging market central bank to stock up on the yellow metal.
· Economic figures to monitor this week:
  Day & Date Economic Events
Tuesday, 14 May 2019 Average Earnings Index + Bonus (Mar) (UK)
Wednesday, 15 May 2019

Industrial Production (YoY) (Apr) (CN)

Core Retail Sales (MoM) (Apr) (US)

Retail Sales (MoM) (Apr) (US)

Crude Oil Inventories (US)
Thursday, 16 May 2019

Building Permits (Apr) (US)

Philadelphia Fed Manufacturing Index (May) (US)
Friday, 17 May 2019 CPI (YoY) (Apr) (EUR)

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