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Morning Gold & Silver Market Report – 2/7/2014


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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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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