Precious Metals Prices and Interest Rates

Gold Price decreased to $1,264.90 (-0.41%) per ounce, Silver Price $17.16 (-1.33%), Platinum Price $935.90 (-1.79%), Palladium Price $829.30 (+0.82%), Dow Jones index 21,002.99 (0.03% decrease).

U.S. Dollar vs Precious metals

The dollar pushed higher against other major currencies on Thursday. This came with the release of U.S. jobs data. And, investors are now expecting Friday’s highly anticipated nonfarm payrolls report. There is a lot of disappointment about the pace of reforms, tax cuts, regulation reductions in the U.S. So, while the Fed can hike interest rates in June, they won't be able to increase interest rates again for the rest of this year. When thinking about the risks to dollar predictions over the coming year, a significant majority of strategists said it went more to the downside. Gold edged lower on Thursday. But, it is near the five-week highs hit in the previous session. Expectations that the US Federal Reserve will hike interest rates this month still weigh down on gold prices. But, geopolitical uncertainty provides some support. Among other precious metals: silver fell 0.1%, platinum dropped down, palladium, which hit a four-week high, gained a few points.  

Stock Market Today

U.S. stocks on Thursday opened slightly higher S&P 500 2416.97 (+0.21%) and NASDAQ Index 6223.96 (+0.41%), Dow Jones Industrial Average 21 002.99(-0.03%). Wall Street opened higher on Thursday. But, it quickly mixed in a busy session by late-season earnings news and a heavy economic calendar. Trump is expected to announce his decision on Thursday on whether the United  States will continue to be part of the global pact to fight climate change. Oil prices climbed 1.3% Thursday. This is after data from the American Petroleum Institute showing U.S. crude inventories fell last week. Investors are keeping a close eye on U.S. production after OPEC and other major producers decided to extend their production cut agreement last week for nine additional months. However, investors are likely to hold off all moves until they will see  US jobs data today (ADP employment) and Friday (non-farm payrolls). Economic data for today: weekly jobless claims, ADP employment report.  

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