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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