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Morning Gold & Silver Market Report – 10/10/2013

JOBLESS CLAIMS SOAR

Precious Metals prices briefly rose after the release of the weekly jobless claims report, which is one of the few pieces of economic data still provided during the government shutdown.  The report showed that 66,000 new claims were filed last week, which is said to be caused by processing problems in California and the aforementioned shutdown.  The level of new claims is much higher than expected, as economists expected 4,000 new claims.  Silver jumped nearly one percent after the report was released, and Gold rose slightly as a stronger U.S. dollar put pressure on the yellow metal.

U.S. stock futures are gaining on news that President Barack Obama will meet with House Republican leaders today, perhaps signaling progress in the political gridlock that has led to the government shutdown.  Rockwell Global Capital’s Peter Cardillo said, “We’re beginning to see some progress.  Both sides need to save face, so whatever deals are in the making, it will be for a short period of time.”  Cardillo added that a compromise would be expected after the short-term deal, but it would still be a relief to markets.

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

  • Gold, $1,301.40, Down $7.90.
  • Silver, $21.97, Up $0.05.
  • Platinum, $1,385.60, Up $3.40.
  • Palladium, $706.30, Up $1.10.

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Disclaimer:
APMEX 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. 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 Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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