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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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
4/16/2014 6:21:48 PM EST

Metal Bid Ask Change
Gold $1,302.50 $1,304.50 ($1.00)
Silver $19.60 $19.70 $0.02
Platinum $1,426.60 $1,436.60 ($1.20)
Palladium $800.00 $805.00 $1.70
4/16/2014 6:21:48 PM EST

Click here for Historical Charts*All Charts are in USD


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