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Market Reports

Morning Gold & Silver Market Report – 8/1/2014

JOBS REPORT DISAPPOINTS DESPITE MILESTONE

Gold and Silver prices recovered from early losses after the highly anticipated jobs report. Though the U.S. Labor Department’s jobs report released this morning showed the first time since 1997 that the economy has seen 200,000-plus gains in six straight months, the 209,000 jobs added in July missed the mark expected by analysts. The unemployment rate increased to 6.2 percent, and the Labor Department believes this is due to more people entering the workforce and looking for work.

Economic data has been the main trigger of late for the Gold price, as investors await the eventual hike in interest rates from the U.S. Federal Reserve. Mistubishi analyst Jonathan Butler said, “Another gain in employment will really focus the mind on the Fed's response. We heard earlier this week that they are maintaining their accommodative monetary policy for some time after their quantitative easing programme comes to an end.” HSBC said in a note, “Gold and the U.S. dollar have a strong historical negative correlation, as bullion is most frequently priced in dollar terms. Expectations for a stronger dollar may keep a lid on gold prices in the near to medium term.”

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

  • Gold, $1,287.80, Up $5.50.
  • Silver, $20.46, Up $0.05.
  • Platinum, $1,464.60, Down $0.60.
  • Palladium, $872.50, Down $2.20.
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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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