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NEW YORK SPOT METAL PRICES

June 28th, 2024

Gold and silver rebounded Friday after PCE data showed inflation continues to cool, adding to the argument of rate cuts coming sooner rather than later in the second half of 2024. PCE remained flat in July and rose 2.6% year-over-year—both readings were in-line with estimates. Gold rose about 1% and is on pace to close the week out in the green; however, silver is poised to close down about 1% despite today’s rally. Stocks surged Friday with the S&P 500 hitting a record high before losing most of today’s gains in the afternoon.

June 12, 2024

Gold and silver popped Wednesday after inflation data showed prices rose less than expected in May, fueling rate cut hopes for later this year. Both CPI and core-CPI came in cooler than expected, rising 3.3% and 3.4%, respectively (vs 3.4% and 3.5% expected). Gold is up $25.00, trading at $2340 and silver is up nearly a dollar, regaining the $30 threshold. Today’s Fed decision could further the rally, or undo Wednesday’s gains. No rate cut is expected, but Fed Chair Powell’s press conference will likely move markets sharply in one direction or another

May 15, 2024

Gold and silver surged Wednesday after new inflation data showed prices continued to cool last month. April’s CPI showed prices rose 0.3% (vs 0.4% expected) and both CPI and Core CPI year-over-year were in line with expectations. Markets reacted positively to the data, bumping the likelihood of a September rate cut to 53% from 45%. Currently, the S&P 500 and Nasdaq are both up nearly 1% on renewed rate cut hopes.  Gold is trading at $2385, a 3-week high, while silver is trading at its highest level in a month at $29.40.

May 9th, 2024

Gold is up about 1.5% Thursday as the US dollar eased off recent highs and jobless claims came in higher than expected today, boosting hopes for Fed rate cuts sooner than recently expected. Silver is trading at a 2-week high, right around $28.25 as well. Stocks are poised for a daily win as strong earnings and week employment data are helping to boost equities. The Dow is up 320 points, on pace for a 7-day winning streak.

May 1, 2024

After trending downward over the past two weeks, gold and silver both rebounded after today’s FOMC decision where the Fed rate was expectedly kept at its current level. Gold and silver are both up over 2% from yesterday’s low, with most of their gains coming during Fed Chair Powell’s press conference. Powell’s overall tone was reassuring that current Fed policy will get us to the 2% target for inflation; however, he was non-committal on the number of rate-cuts we can expect in 2024.  

April 11, 2024

Despite a brief hiccup yesterday due to a hotter than expected CPI reading, gold rebounded Thursday and is on pace to close near record highs. The metal is currently trading at $2,360 while silver regained the $28 threshold and is trading at a 3-year high. The PPI index rose 0.2% in March and prices jumped 2.1% year-over-year; both readings were below expectations which helped boost metals and equities. The S&P 500 is up about 0.9% today and the Nasdaq is up 1.6%.

April 2nd, 2024

Gold hit a new record this week, passing $2,265 even as bond yields hit fresh 2024 highs on Tuesday. The 10-year treasury yield touched 4.4 percent before retreating causing equities to plunge as hopes of a June rate cut begin to fade. The Dow is down 450 points, and the S&P 500 and Nasdaq are down about 1%. Despite rising yields, gold is up $20, trading near its record high and silver is up $0.80, trading at a 10-month high.

 

March 15, 2025

Gold’s rally stalled Friday and is on pace for a weekly decline after reaching a record high on Monday. Silver, however, is up over 4% this week as the gold to silver ratio dipped below 86 to its lowest level since December. Stocks fell Friday as the likelihood of a June rate cut slipped to 59% after February CPI showed inflation remains stubbornly high. While the chance of a rate cut in March is virtually zero, next week’s FOMC meeting could rattle markets if there is any change in the Fed’s projected guidance.

March 8th, 2024

Gold and silver continued their rally Friday and are currently up about 4.5% each, on pace for their best week in 5 months. February’s mediocre jobs data helped boost metals as unemployment unexpectedly ticked up to 3.9% and previous months’ gains were revised downward sharply. The Fed is still unlikely to cut rates at either of its next two meetings, but a slowing employment market helps the argument for rate cuts amid a slowdown in the decline of inflation. Stocks are down sharply Friday, trading nearly flat for the week.

March 4, 2024

Gold gained 2% to begin the week and is currently trading at $2,115, its highest level in over 3 months. Much of gold’s rise can be attributed to a weakening US dollar and an uptick in the likelihood of a June rate cut after weaker-than-expected manufacturing data last Friday signaled a softening US economy. Silver is up over $0.60 today as well, hitting its highest level since early January.