Morning Gold & Silver Market Report – 10/22/2013
DELAYED JOBS REPORT BOOSTS GOLD, SILVER PRICES
The U.S. Labor Department’s jobs report, originally due October 4, was released this morning. Economists expected an increase of 185,000 jobs in September, and the report showed a gain of 148,000, well less than expected. The unemployment rate fell slightly to 7.2 percent, which boosted stock futures in premarket trading, but the overall report was enough to send Gold and Silver prices up more than one percent higher.
Lately, the Gold price seems to be directly tied to the possibility of quantitative easing tapering. U.S. Federal Reserve officials have said recently that stronger economic data is needed before tapering will be announced, so the disappointing jobs report affecting the Gold price in this way was no surprise. While noting that the possible government shutdown could have affected hiring in September, Macquarie analyst Matthew Turner said, “On the other hand, employment is the key variable for the Fed tapering. In terms of Gold market reaction, as long as they haven't done it, there is always that suspicion that they can't do because the economy is not that strong, which could support prices.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,330.00, Up $12.10.
- Silver, $22.47, Up $0.15.
- Platinum, $1,433.80, Down $6.00.
- Palladium, $744.50, Down $6.70.
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