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Morning Gold & Silver Market Report – 4/4/2014


Gold and Silver prices have been declining this week but are up in morning trading due to the declining prices holding against technical levels and in anticipation of the widely anticipated positive jobs report. “For two days in a row, Gold’s been trying to break below $1,280 [per ounce] and each time fails, that’s why the market is a bit higher,” Afshin Nabavi, a senior vice president at bullion refiner MKS in Geneva, said today by phone. “A few buyers have orders around that area. The jobs numbers are very important.”

The U.S. jobs report was released this morning, showing 192,000 jobs added in March. Gold prices immediately jumped over $1,300 [per ounce] and Silver prices climbed back above $20 [per ounce]. The unemployment rate held at 6.7 percent. A separate measure that also includes discouraged and underemployed actually rose slightly to 12.7 percent. Although the report missed the expectation of 200,000 new jobs with unemployment of 6.6 percent, most economists will view this as a continued slow recovery.  Gold investors were closely watching the jobs report, as a positive report was expected to be bearish for Gold. Today’s jump in prices indicate Gold investors have a less positive view of this morning’s report.

At 9:35 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,300.60, Up $14.40.
  • Silver, $20.14, Up $0.29.
  • Platinum, $1,445.70, Up $0.20.
  • Palladium, $786.00, Down $3.40.

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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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