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Closing Gold & Silver Market Report – 9/5/2013

ECONOMIC DATA BOOSTS DOLLAR, WEIGHS ON GOLD

The Gold price has fallen once again Thursday as a strong U.S. dollar weighed heavily on Precious Metals prices following positive economic reports. Though Gold tends to be sought as an asylum for nervous investors in times of turmoil, the Syrian conflict seems to be having less impact on markets than today’s strong employment numbers and concern surrounding Fed stimulus tapering. With Gold falling for the fifth session out of the last six, many analysts and investors are anxiously pondering the upcoming Federal Open Market Committee meeting in less than two weeks. With employment numbers continuing to improve, many wonder if the strides that the U.S. jobs market has made will be substantial enough for the Fed to begin reducing the current level of monthly asset purchases. Friday’s monthly jobs report will be highly anticipated. If jobs creation comes in at roughly 100,000 it could, “prompt markets to reduce the probability and the size of a September tapering, which could well send Gold toward $1,488 an ounce,” TD Securities said. “Conversely, a print above 200,000 would do the opposite, with prices moving toward $1,325 an ounce.”

U.S. stock indexes are experiencing their longest win streak since July as employment data boosted investor confidence ahead of tomorrow’s monthly jobs report. “Most people are looking at Friday’s jobs number as the determining factor whether or not the Fed will start tapering in September,” Steven Bulko, chief investment officer of Lombard Odier’s $1.2 billion long/short 1798 Fundamental Strategies Fund, said. Following the month of August that saw equities pull back from record highs, another upbeat showing in jobs numbers could give an upward bump to U.S. stocks.

At 5:03 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,369.00, Down $23.00.
  • Silver, $23.21, Down $0.23.
  • Platinum, $1,485.50, Down $10.20.
  • Palladium, $685.30, Down $12.00.
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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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