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Morning Gold & Silver Market Report – 5/2/2014

JOBS REPORT IMPRESSES; GOLD FLAT

Gold and Silver prices were slightly higher in early-morning trading, but the release of the monthly nonfarm payrolls report from the U.S. Labor Department saw Precious Metals give up most gains. One analyst said, “The Russia-Ukraine crisis is still on the radar screen of the world marketplace. However, there has been little fresh news coming from that region this week. Still, this situation is likely to get worse before it gets any better. Gold and other safe-haven assets will likely at least see selling interest limited due to the instability in Ukraine.”

The nonfarm payrolls report was expected to show that 210,000 new jobs were created in April with a 6.6 percent unemployment rate. The report actually showed that 288,000 jobs were created in April, and the unemployment rate fell to 6.3 percent. The latter can be attributed to 806,000 people leaving the civilian labor force, which is causing the U.S. Federal Reserve to change its stance on the unemployment rate, focusing more on the jobs created.

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

  • Gold, $1,286.30, Up $1.00.
  • Silver, $19.22, Up $0.13.
  • Platinum, $1,426.80, Down $0.70.
  • Palladium, $817.00, Up $1.90.

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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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