Mid-Day Gold & Silver Market Report – 6/6/2013
GOLD RISES ON WEAKER DOLLAR AHEAD OF FRIDAY’S PAYROLL NUMBERS
The Gold price broke higher today as a weaker dollar had a positive impact on Precious Metals. With news from Europe confirming sustained low interested rates and larger than expected gross domestic contraction in the region, Gold traders look ahead to Friday’s U.S. non-farm payroll numbers in hopes that the data will be enough to break the metal out of its stagnant trading range and regain some level of short-term direction. “We are trading at the middle level of the range $1,380 to $1,420 and not much going on,” Frederic Panizzutti, senior vice president at MKS Group, said. Following disappointing private sector employment numbers on Wednesday, Friday’s non-farm payroll figures could be the trigger needed to motivate a move out of Gold’s recent price pattern.
As traders and investors await Friday’s monthly jobs report, stocks are down again today with the Dow Jones Industrial Average remaining below 15,000. Record highs experienced by stock indexes over the last several months have softened on speculation surrounding a possible tapering of the Federal Reserve’s monetary stimulus measures. “We've had several days of substantial losses and we're headed for a mixed season waiting for tomorrow's unemployment numbers,” Peter Cardillo, chief market economist at Rockwell Global Capital, said. The summer months traditionally experience lower trading volume, but significant news about employment numbers or other economic factors could spur a new direction for stock and metals markets alike.
At 1:11 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1416.90, Up $16.40.
- Silver, $22.75, Up $0.11.
- Platinum, $1530.20, Up $18.10.
- Palladium, $761.60, Up $5.20.
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