Morning Gold & Silver Market Report – 1/10/2014
DISAPPOINTING JOBS REPORT BOOSTS GOLD, SILVER
Gold and Silver prices surged after the release of the monthly jobs report, which showed that the economy added 74,000 jobs in December. Economists expected an increase of 193,000, so the number missed the mark by a large margin; however, the unemployment rate fell to 6.7 percent. That figure may be skewed by the number of people dropping out of the labor force altogether. Gold rose by 1 percent and Silver rose by nearly 2 percent on the news, while U.S. stock futures and the U.S. dollar turned sharply lower.
Gold investors looked to the jobs report as a gauge of the health of the U.S. economy, specifically regarding the pace of the U.S. Federal Reserve’s tapering of quantitative easing. Natixis analyst Bernard Dahdah said, “It will take a few more months of good figures in terms of U.S. employment data to see the Fed accelerating the pace of tapering.” After the disappointing report, some investors will now wonder if that could be in jeopardy.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,242.50, Up $10.60.
- Silver, $20.14, Up $0.41.
- Platinum, $1,428.80, Up $6.90.
- Palladium, $737.40, Up $0.90.
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