Morning Gold & Silver Market Report- 4/9/2012
Peter LaTona
4/9/2012 8:11:00 AM
WEAK JOBS REPORTS MOVE STOCKS LOWER, GOLD UP
Markets were closed Friday, when the dismal jobs report was released. It was expected that equity markets would open weak and Gold prices would climb today, and this is exactly what appears to be happening. The disappointing jobs report has increased expectations that the Fed may be forced into another round of monetary easing, and this has moved Gold prices higher.
China’s consumer price index climbed more than expected in March (up to 3.6 percent), which again raises concerns about inflation. Gold investors in particular should pay attention to this trend, because Gold is a hedge in times of inflation and China is the second-biggest Gold buyer in the world, right behind India. As this week begins, there has been an increase in Chinese Gold buying activity (see article above).
Speaking of India, jewelers have ended their three-week Gold strike and are expected to begin to replenish depleted supplies. Indian jewelers are preparing for a Gold buying festival that begins April 24. In addition to the upcoming Gold festival, the wedding season is on, as well.
At 8 a.m. (CDT), the APMEX precious metals spot prices were:
- Gold - $1,648.10 – Up $17.50.
- Silver - $31.77 – Down $0.02.
- Platinum - $1,619.30 - Up $12.70.
- Palladium - $649.50 – Up $3.70.
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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
