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Market Reports

Morning Gold & Silver Market Report – 3/7/2014

JOBS REPORT EXCEEDS LOWERED EXPECTATIONS

Precious Metals prices fell after the release of the U.S. Labor Department’s monthly nonfarm payrolls report. Economists expected an additional 140,000 jobs in February, while in reality the report showed 175,000 jobs were added. The unemployment rate, however, rose to 6.7 percent. The Labor Department explained the uptick by saying that more people entered the workforce in search of jobs, but not all of them found one.

U.S. stock futures jumped after the release of the jobs report, and it seems this is merely a reaction to lowered expectations, which were exceeded by the jobs report. Bruce McCain, chief investment strategist at Key Private Bank, said early Friday, “The expectation is that [the jobs report] is going to be disappointing, which is pretty reasonable given the still-miserable weather over a good portion of the country.” Jim Reid and Anthony Ip of Deutsche Bank also warned that the Ukraine situation could still be a factor in markets, writing, “The crisis doesn't look like its over, even if markets have become a bit more sanguine about the endgame.”

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

  • Gold, $1,337.30, Down $16.50.
  • Silver, $20.90, Down $0.69.
  • Platinum, $1,478.40, Down $10.40.
  • Palladium, $776.60, Down $4.50.

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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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