Closing Gold & Silver Market Report, 8/3/2012

GOLD PRICE RISES ON IMPROVED JOBS DATA  

Precious Metals stayed in positive territory Friday based on the better than expected jobs report that was released earlier in the day. The news however was tempered by the fact that unemployment still remains relatively unchanged. Expectations continue to grow that further quantitative easing will likely occur in September. Trader Nicolas Berge said, “Even though the nonfarm payrolls beat the estimates, the unemployment rate also rose, so the odds for a QE are all the same. The increasing expectation of central bank actions is likely to help Gold break above its recent trading range.”

The number of new jobs was 163,000 last month, which beat the less than stellar showings over the previous three months. The news is a slight silver lining over eurozone concerns, America’s looming “fiscal cliff” and pending elections. The stock markets remained relatively unfazed by the news. Though the number of jobs rose, the unemployment rate rose, as well. Economist Robert DiClemente said, “It’s a relief we did not post another number like 75,000, but the reality is it’s not night and day. It’s not as though it brings us all the way back to being wildly optimistic.” Economists also are in agreement that the Fed’s action is likely to occur in September. Michael Feroli said, “We think the odds are still tilted in favor of more Fed accommodation at the September meeting, and that call obviously remains contingent on economic and financial developments over the next six weeks.”

At 5:12 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,604.00, Up $15.30.
  • Silver, $27.84, Up $0.73.
  • Platinum, $1,405.70, Up $17.90.
  • Palladium, $581.00, Up $12.20.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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Disclaimer:

APMEX’s ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/21/2014 10:59:40 AM EST

Metal Bid Ask Change
Gold $1,287.20 $1,289.20 ($6.70)
Silver $19.34 $19.44 ($0.21)
Platinum $1,393.80 $1,403.80 ($24.90)
Palladium $772.80 $777.80 ($30.40)
4/21/2014 10:59:40 AM EST

Click here for Historical Charts*All Charts are in USD


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