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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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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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