Daily Market Review April 7, 2017

Gold Price increased to $1,267.70 (+1.13%) per ounce, Silver Price $18.45 (+0.54%), Platinum Price $969.00 (+0.70%), Palladium Price $806.85 (+0.09%), Dow Jones index 20,620.42 (0.21% decrease).

U.S. Dollar vs Gold Price and Precious metals

Gold price rose more than 1 percent on Friday to a 5-month high as investors sought safe-haven assets after the United States launched cruise missiles on a Syrian air base, potentially escalating tensions with Syrian allies Russia and Iran. Gold looks set to complete a run of four consecutive weekly gains this week.  Silver starts trading today with a little change from the previous close. Platinum price also climbed around 1 per cent to 969.00 per ounce. Palladium price changed slightly. Generally, palladium has a completely different dynamic to other precious metals. It is far more related to economic data releases, the expectations for the economy. The U.S. dollar rose 0.25 percent against a basket of currencies after Thursday meeting of President Trump and Xi Jinping, and late-Thursday airstrike against Syria. The dollar index took the recovering course form being slightly lower earlier and is now up slightly in the session. Investors suggest that US Dollar Index is getting better but it's not getting better quickly. It appears that for now, gold is the preferred safe haven instrument being bought up by investors.

Stock Market Today

U.S. stocks on Friday opened slightly lower : S&P 500 2,351.72 (-0.24%) and NASDAQ Index 5,859.16 (-0.33 %), Dow Jones Industrial Average  20,620.42 (-0.21%). The U.S. missile strike on a Syrian air base overnight caused a knee-jerk shift into U.S. stocks. Although, the impact was moderate as it is being interpreted as a one-off proportionate response. The main reaction was initially seen in the price of oil. Oil jumped to a one-month high in the immediate aftermath of the attacks. It started climbing by just over $1 a barrel to $56.08. Although Syria isn’t a major producer, the country is close to pipelines and routes that transport oil and fear of supply disruptions tend to push oil prices higher. Investors  will also watch out for March U.S. non-farm payrolls data due later on Friday, which analysts say could be key for the short-term direction of the gold market. Friday is the second day of  Donald Trump and Chinese leader Xi Jinping meeting, investors look forward to more updates. Meanwhile, the investors overweight a weaker-than-expected March employment data this week. The Labor Department report showed that the U.S.created just 98,000 new jobs in March. This marks the smallest gain in almost a year, as hiring cooled. The conflict with Syria, lousy employment data and ongoing uncertainty about the Trump administration could keep U.S. stocks and precious metals under the pressure.  

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