Morning Gold & Silver Market Report – 2/7/2014
JOBS DATA DISAPPOINTS; GOLD RALLIES
The Gold price received a boost from the monthly Automatic Data Processing jobs report, released this morning. Economists were already predicting a disappointing 185,000 jobs to have been added in January due to the weather, but the report showed that just 113,000 jobs were added. The unemployment rate fell to 6.6 percent, however that figure is mostly due to workers dropping out of the labor force altogether. U.S. stock futures turned lower after the release.
Gold is set for its sixth week of gains in 2014 after Chinese buyers returned to the market following a holiday. Earlier this morning, Mitsubishi Corp analyst Jonathan Butler said, “Investors are in wait-and-see mode, with the usual speculation surrounding the U.S. payrolls number … if it's a poor number, Gold might get some strength from it,” and that’s precisely what happened. Butler continued, “But even with a disappointing number, the trend of selling into the rally is likely to remain in place. That said we are now getting close to the $1,270 [per ounce] resistance level and if that is breached on the way up later today, then the next level is probably around $1,300 [per ounce].”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,261.50, Up $2.30.
- Silver, $19.91, Down $0.08.
- Platinum, $1,384.00, Up $7.10.
- Palladium, $711.80, Up $0.50.
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