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Morning Gold & Silver Market Report – 12/2/2013


Economic data continues to pressure Gold as investors await the release of key data due later in the week.  Anticipation of nonfarm payroll numbers, third quarter GDP and manufacturing purchasing managers index (PMI) are weighing on metals today, pushing Gold down to a one-week low.  "We are starting the week and month on a weak footing, carrying on a little bit of the themes that we left last week … the focus is back on the U.S. data, with the nonfarm payrolls on Friday," Saxo Bank senior manager Ole Hansen said.  Focus remains on the future of the U.S. Federal Reserve’s monetary easing program.  Further optimistic data could influence Fed officials to begin tapering the monthly injections of $85 billion sooner than expected. 

While Gold and Silver are suffering early losses, stock futures are trading flat following the Thanksgiving holiday.  Along with Gold bugs, equities investors will also eye this week’s economic data as well as earnings from large corporate retailers to gain insight into forthcoming price movement.  However, the most important piece of data will be the monthly nonfarm payroll numbers, which are seen as the most integral factor in determining the future of the Fed’s stimulus program.

At 9:50 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,237.20, Down $15.20.
  • Silver, $19.68, Down $0.38.
  • Platinum, $1,357.60, Down $12.70.
  • Palladium, $718.00, Down $1.60.

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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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