Morning Gold & Silver Market Report – 5/3/2013
Ryan Schwimmer
5/3/2013 8:17:00 AM
U.S. JOBS DATA UPBEAT; GOLD HITS TWO-WEEK HIGH
Stock futures gained while Gold and Silver prices gave up early gains, including a two-week high, after the release of April’s U.S. jobs report. The report was better than expected, with the U.S. adding 165,000 jobs in April and the unemployment rate dropping to 7.5 percent. The unemployment rate is being helped by a 35-year low for labor-force participation. With upbeat economic data, questions abound for the Federal Reserve, which recently upheld its stance on accommodative monetary policy decisions such as quantitative easing.
Overnight, the Gold price hit $1,485 per ounce, and Danske Bank analyst Christin Tuxen said, “Gold gained some strength after the central banks’ meetings and is now benefiting from the weaker dollar.” UBS analyst Joni Teves added, “There will be a lot of focus on macroeconomic data in the coming weeks and months, especially on employment, indicators of price pressures and the impact of fiscal policy on growth.”
At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,468.10, Down $2.10.
- Silver, $23.97, Up 0.05.
- Platinum, $1,502.00, Up $0.30.
- Palladium, $697.40, Up $2.10.
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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
