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Market Reports

Morning Gold & Silver Market Report – 5/8/2014

GOLD TURNS FLAT AFTER JOBLESS REPORT

Precious Metals prices gave up gains after the release of the weekly jobless claims report. The report showed that new claims fell by 26,000 to the lowest level in a month. Economists, however, believe that season quirks are behind the drop as opposed to a change in trends. The four-week moving average, typically regarded as a better gauge for the jobless market by taking out weekly volatility, rose by 4,500.

Prior to the jobless report, Precious Metals prices were gaining, buoyed by a retreat in the U.S. dollar. A key European Central Bank (ECB) meeting is scheduled today, with a statement due at the conclusion. Commerzbank said in a note, “Today sees the ECB meeting at which ECB President Mario Draghi will have to nail his colours to the mast. If the press conference were to spark any (euro – dollar relationship) response, this would doubtless also impact on the Gold price.”

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

  • Gold, $1,292.70, Up $1.80.
  • Silver, $19.29, Down $0.10.
  • Platinum, $1,436.60, Up $1.80.
  • Palladium, $804.50, Up $6.80.

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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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