Closing Gold & Silver Market Report – 11/1/2012
U.S. JOBLESS REPORT RELEASED TOMORROW COULD IMPACT GOLD PRICE AND PRESIDENTIAL ELECTIONS
Gold began to feel pressure today from the U.S. dollar as it strengthened from positive economic data. Precious metals are facing an unknown future, from U.S. Presidential elections to the fiscal cliff, and analysts believe if the news is negative from either event, it could increase gold’s price. "Before the elections on Tuesday, the non-farm payrolls will be quite a big deal," Natixis analyst Bernard Dahdah said. "(Further out), we have the fiscal cliff in the next two months. If you have more issues with that, that will definitely send the price of gold higher."
The U.S. non-farm payrolls report for the month of October will be released tomorrow, and many are predicting it will sway voters one way or another for the U.S. Presidential elections this coming Tuesday. Analysts suggest that employers are waiting to hire additional employees until after the election to be able to make better financial decisions for their company. This news could be partially to blame for why new jobs have not been on pace for 2012. “The key story this summer has been that more and more businesses have moved to the sidelines, delaying key decisions on hiring and investment until after the election, when the policy outlook will be much clearer,” Stephen Stanley, chief economist of Pierpont Securities, said in a preview of the employment report.
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,715.80, Down $4.30.
- Silver, $32.32, Down $0.03.
- Platinum, $1,569.80, Down $4.70.
- Palladium, $613.50, Up $2.70.
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