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Morning Gold & Silver Market Report – 4/2/2014

GOLD REBOUNDS ON INVESTOR NERVES

Precious Metals prices are broadly higher in early morning trading, shrugging off a positive report from Automatic Data Processing (ADP). Further data is due this week, which investors are anxiously awaiting to gauge the U.S. economy. Analysts believe that even in the face of strong U.S. data, the Gold price could be protected in some way by Federal Reserve Chairwoman Janet Yellen’s recent comments defending the Fed’s stance on easy monetary policy. UBS analysts mentioned in a note that Gold needs physical demand to pick up in Asia and other regions to improve.

ADP’s private-sector employment report showed 191,000 jobs added in March and a revised number of 178,000 jobs added in February. Mark Zandi, chief economist of Moody’s Analytics, said, “The job market is coming out from its deep winter slumber. Job gains are consistent with the pace prior to the brutal winter. Even better numbers are likely in coming months as the weather warms.” Many economists use this data to predict the outcome of the U.S. Labor Department’s jobs report, due Friday.

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

  • Gold, $1,293.40, Up $11.90.
  • Silver, $20.03, Up $0.30.
  • Platinum, $1,435.30, Up $5.70.
  • Palladium, $788.30, Up $6.30.
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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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