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Morning Gold & Silver Market Report – 11/8/2013

NONFARM PAYROLLS SURPRISE; UNEMPLOYMENT RISES

The U.S. nonfarm payrolls report shocked economists as it showed 204,000 jobs added in October. Expectations were relatively low for the jobs report, as many expected the government shutdown in October to negatively affect hiring that month. Precious Metals prices and U.S. stock futures turned negative after the report’s release, as positive economic news could lead to tapering of the U.S. Federal Reserve’s highly-accommodative quantitative easing program. Meanwhile, the unemployment rate rose 0.1 percent, and the Fed has heavily weighed that figure in the past.

The Gold price is headed for a second-straight week of losses, even after news that the European Central Bank was further loosening monetary policy. One thing hurting the Gold price is that the U.S. dollar is nearing a seven-week high. VTB Capital analyst Andrey Kryuchenkov said, “The market is today trying to consolidate and … we will probably hold here with support at $1,300 [per ounce] and then $1,270 [per ounce].”

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

  • Gold, $1,295.90, Down $14.60.
  • Silver, $21.54, Down $0.17.
  • Platinum, $1,449.50, Down $8.30.
  • Palladium, $758.20, Down $2.00.

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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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