Closing Gold & Silver Market Report – 6/6/2013
GOLD & CRUDE OIL AWAIT FRIDAY’S JOBS REPORT
Gold is on the rise today with no key news in the market; however tomorrow is a different story. Investors are anticipating Friday’s non-farm payroll data that will suggest how the U.S. Federal Reserve may move forward or pullback its quantitative easing measures. “The metal remains largely rangebound and is not profiting from a lower dollar today as investors are sidelined,” VTB Capital analyst Andrey Kryuchenkov said. The European Central Bank made the decision today to retain its main interest rate, and President Mario Draghi confirmed that the central bank’s policy will remain the same for now. “They (investors) are assessing Draghi's comments, U.S. jobless claims but most of all are awaiting non-farm payrolls tomorrow,” Kryuchenkov added.
The U.S. dollar has been on a downslope for the majority of the week with negative economic data, news which has in turn given both Gold and crude oil prices a boost. Crude oil closed on a high note today before Friday’s jobs report as confidence is brewing that the U.S. will reflect optimistic news. Technical analyst Jay Levine said, “All of its fortunes are tied to the report. Whether it can stay up is another question. I’m not that optimistic about it because pessimism enters the market all too easily.” Stephen Schork with the Schork Group believes the U.S. dollar will be tied to how oil performs. “It all comes down to what the dollar does,” he said. “You're going to get a lot of volatility tomorrow.”
At 5:12 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1415.00, Up $14.50.
- Silver, $22.63, Up $0.05.
- Platinum, $1531.20, Up $19.10.
- Palladium, $762.40, Up $6.00.
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