Closing Gold & Silver Market Report – 05/03/2012
Brandi Brundidge
5/3/2012 4:19:00 PM
GOLD PRICE, S&P BOTH LOSE GROUND
The Gold price was set to close down again today, as falling crude oil prices and concern over American service sector data pushed the metal’s price down nearly 1 percent. A strong employment market reading Friday could add to the downward pressure, as it would likely reduce the likelihood of any stimulus actions by the Federal Reserve. “Things will have to look very weak tomorrow morning to see any upside momentum come back. If the nonfarm payrolls number is stronger, then we’ll see Gold really test $1,600 an ounce,” said Carlos Perez-Santalla at PVM Futures.
The U.S. Service Industries data also pulled the S&P 500 index down for a second day to close at 1,391.57. “It’s a bump in the road,” said Jeffrey Saut at Raymond James & Associates in St. Petersburg, Fla. “The economic data has turned softer. I wouldn’t be surprised to see the jobs report tomorrow disappoint. All that will do is allow the market to work off its overbought condition.”
At 5 p.m. (EDT), the APMEX precious metals spot prices were:
- Gold - $1,637.60 – Down $17.40.
- Silver - $30.12 – Down $0.54.
- Platinum - $1,538.00 – Down $27.40.
- Palladium - $661.50 – Down $9.00.
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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
