Closing Gold & Silver Market Report – 6/5/2013

POOR JOBS REPORT LIFTS GOLD; INDIA DISCOURAGED FROM INVESTING IN GOLD

Precious Metals received a boost today after the U.S. jobs report reflected worse than expected data for the month of May. Analysts are highly anticipating Friday’s release of the monthly non-farm payrolls report to get a better sense of which direction the U.S. economy may be heading. There is concern within the market that the U.S. Federal Reserve may cut back its quantitative easing measures, however with a pessimistic view of the economy that concern may be out the window. “As the unemployment rate has been explicitly tied into quantitative easing, there has been a direct correlation between the non-farm payrolls and what happens to the Gold price,” Mitsubishi analyst Jonathan Butler said. 

Yesterday, India's Reserve Bank released some alarming news regarding their restrictions on Gold purchases by the country’s citizens. When the large sell-off in Gold occurred most recently, the worldwide demand for physical forms of the yellow metal increased to levels not seen in quite a while, with India first in line to acquire the asset. India has a cultural relationship with Gold, which plays an important role in weddings and other events such as festivals. “Various comments from officials hint at the potential for more measures to come, as the government is taking a hard line trying to curb the country's appetite for Gold,” UBS said in a note. “This poses a risk for Indian Gold demand up ahead should more and more restrictions be implemented.”

At 5:01 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1404.50, Up $5.30.
  • Silver, $22.61, Up $0.10.
  • Platinum, $1514.10, Up $21.50.
  • Palladium, $759.80, Up $8.70.

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Disclaimer:

APMEX’s ‘News and Commentaries’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

US Dollar Prices are in USD

Precious Metal Prices
4/17/2014 5:15:48 PM EST

Metal Bid Ask Change
Gold $1,294.60 $1,296.60 ($8.90)
Silver $19.60 $19.70 $0.02
Platinum $1,405.70 $1,415.70 ($22.10)
Palladium $792.10 $797.10 ($6.20)
4/17/2014 5:15:48 PM EST

Click here for Historical Charts*All Charts are in USD


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