Morning Gold & Silver Market Report – 12/6/2013
ENCOURAGING JOBS REPORT COULD LEAD TO TAPERING
The U.S. Department of Labor said Friday that the economy generated 203,000 jobs in November, which was higher than the 180,000 that were forecast. They also announced the unemployment rate had fallen to 7 percent, down from 7.3 percent. U.S. Federal Reserve officials have said recently that 6.5 percent is the target unemployment rate they want to achieve before more tightening of monetary policy. U.S. stocks rallied on the news and are looking to end a 5-day losing streak.
The Gold price is trading relatively flat this morning. While noting that bond-buying pullback by the Federal Reserve is generally seen as bullish for Gold, Credit Suisse analyst Tom Kendall said, “Whether the Fed votes to begin tapering in December or January, the recent data has been fairly encouraging. The economy continues to move in the right direction.”
At 9:41 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,235.40, Up $1.10.
- Silver, $19.63, Up $0.01.
- Platinum, $1,361.20, Down $4.30.
- Palladium, $738.60, Up $1.80.
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