Morning Gold & Silver Market Report – 8/2/2013
Ryan Schwimmer
8/2/2013 8:07:00 AM
JOBS DATA DISAPPOINTS; GOLD RECOVERS
The Gold price rose more than two percent to recover from early losses after the release of the U.S. Department of Labor’s nonfarm payrolls report. The disappointing number of jobs added to the economy missed targets by nearly 20,000. The unemployment rate fell to 7.4 percent; however, that is partly due to Americans leaving the workforce. Todd M. Schoenberger of LandColt Capital said, “Today’s jobs data is terrifying for Main Street. Despite the proactive actions from the Fed and stimulus help from Capitol Hill, the labor market remains stuck in quicksand. For Wall Street, however, this is terrific news.”
The recovery in the Gold price from overnight selling was due to the impact the jobs report will likely have on the U.S. Federal Reserve’s quantitative easing (QE) decisions. Alfonso Esparza of OANDA said that if the jobs report disappoints, it “would confirm the Fed’s worries in the latest Federal Open Market Committee minutes and in the statements made by its members. Quantitative tapering will likely be pushed to next year if the American recovery appears to be losing momentum.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,316.10, Up $2.90.
- Silver, $20.19, Up $0.48.
- Platinum, $1,443.20, Down $1.60.
- Palladium, $734.20, Up $0.90.
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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
