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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