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Morning Gold & Silver Market Report – 7/5/2013

STRONG JOBS REPORT BRINGS DOWN METALS PRICES

Precious Metals prices fell this morning, reacting to a stronger-than-expected jobs report for June.  Danske Bank analyst Christin Tuxen said that a stronger jobs report “would suggest that although rates are set to stay at record lows in Europe, that may not be the case in the United States.”  The U.S. dollar rose more than one percent against competitors due to weakness in the euro, which also contributed to the losses in metals.

The jobs report showed a gain of 195,000 jobs in June, though the unemployment rate was unchanged at 7.6 percent due to an increase in the labor force of 177,000.  The jobs readings from April and May were revised upwards as well.  The good economic news has many investors believing that the Federal Reserve’s tapering of its quantitative easing program could indeed be coming soon, putting pressure on the price of Gold.

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,224.70, Down $29.30.
  • Silver, $19.08, Down $0.72.
  • Platinum, $1,327.60, Down $19.20.
  • Palladium, $671.30, Down $14.40.

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Disclaimer:
APMEX’s ‘Market Reports’ 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.

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