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Morning Gold & Silver Market Report – 4/3/2014

GOLD LOWER AHEAD OF JOBS DATA

Precious Metals gave up yesterday’s gains in overnight trading, which could be a sign of further buying opportunities for the metals. MKS SA head of trading Afshin Nabavi said, “The potential for Gold prices to move lower in the next couple of sessions seems greater now because of the incumbent macro events… Although the ECB is unlikely to change the interest rates, there may be something at the press conference, which could eventually push the euro/dollar lower. And a stronger U.S. jobs number tomorrow will be seen as the final sign that previous weakness in the data was down to bad weather and that the economy is on the recovery path.”

New jobless claims increased in the last week of March, according to the weekly report released by the Labor Department this morning. However, the level is still near lows not seen since the end of the last recession. Many are hoping that encouraging numbers in economic data are clues that the labor market is starting to improve after the harsh winter season, but if tomorrow’s nonfarm payrolls data is disappointing, worries would likely be renewed about the strength of the U.S. economy.

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

  • Gold, $1,286.90, Down $5.40.
  • Silver, $19.86, Down $0.23.
  • Platinum, $1,437.30, Down $1.40.
  • Palladium, $787.00, Down $0.80.

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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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