Morning Gold & Silver Market Report – 4/5/2013
Ryan Schwimmer
4/5/2013 8:37:00 AM
JOBS DATA DISAPPOINTS; GOLD, SILVER REBOUND
Gold and Silver prices rebounded significantly while stock futures dipped in the moments following the release of the U.S. nonfarm payrolls report. Expectations for the number of jobs added in March were around 200,000, but the number came in at just 88,000. Earlier in the morning, UBS said in a note, “A significantly weaker-than-expected employment number could spark a powerful upside response (for Gold) given sentiment and the current level of shorts that would be forced to cover.”
Though the number of new jobs was a disappointment, the U.S. unemployment rate fell to 7.6 percent; however, that is most likely due to fewer Americans looking for work. Federal Reserve policymakers have said recently that figures like the unemployment rate and the number of jobs added month-over-month are key factors in their decision on continuing monetary easing, which has historically been a boon for the Gold price.
At 9:37 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,569.30, Up $15.40.
- Silver, $27.19, Up $0.32.
- Platinum, $1,529.10, Up $11.30.
- Palladium, $719.40, Down $6.10
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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
