Morning Gold & Silver Market Report – 4/11/2013
Ryan Schwimmer
4/11/2013 8:02:00 AM
JOBLESS CLAIMS DROP, WEIGH ON GOLD
Gold and Silver prices dipped slightly after the release of the weekly jobless claims report, which showed a drop of 42,000 down to 346,000. Economists are closely monitoring the data, curious to see if the sequester is causing layoffs. Last month’s report showed an unexpected rise in claims, but this month’s number is more in line with what economists predicted. Import prices also showed that inflation has been relatively tame, which could give the Federal Reserve more reason to continue their easy monetary policy course.
Surprisingly, the Gold price has yet to react to tensions out of North Korea, instead being swayed more by economic data, monetary policy decisions and currency trades. Yesterday’s news about Cyprus selling a portion of its Gold reserves is also weighing on the Gold price. UBS said in a note, “Given the significantly weaker-than-expected employment print in March, the focus on U.S. economic data is bound to become more acute in the coming weeks and months as the market searches for clues on whether the current momentum of opinion at the Fed continues or stalls.”
At 9 a.m. (EDT), the APMEX Precious Metals prices were:
- Gold, $1,559.60, Down $0.70.
- Silver, $27.62, Down $0.15.
- Platinum, $1,533.90, Up $3.10.
- Palladium, $720.50, Down $1.40.
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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
