Closing Gold & Silver Market Report – 6/3/2014

Ted Prince

6/3/2014 3:59:00 PM

GOLD, EQUITIES FLAT; INVESTORS AWAIT PAYROLL NUMBERS

Precious Metals prices remain relatively flat today, though a mild boost for Gold broke the yellow metal’s longest streak of losses since last August.  As U.S. stocks reached new record levels last week, the Gold price fell for six straight sessions.  “Gold is getting some support as the equity market is taking a breather,” David Meger, director of metal trading at Vision Financial Markets, said. “A lot depends on the U.S. economic data over the next few days.”  Though Gold has fallen back during the last week, the metal is still trading higher this year, buoyed mainly by safe-haven demand spurred on by geopolitical turmoil in Ukraine. 

Following Monday’s session, in which benchmark indexes were elevated to new record levels, U.S. stocks are relatively flat today.  “Traders are sitting on their hands, waiting for the response from the ECB before setting their bets up,” Chad Morganlander, a fund manager at Stifel Nicolaus & Co., said. “There’s an overall anticipation that the ECB will be aggressive and that the jobs numbers on Friday will be better than expected.”  As we make our way through the first week of June, many investors will maintain current positions until the release of the all-important monthly non-farm payroll figures set to be released on Friday. 

At 5 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,247.00, Up $1.00.
• Silver, $18.86, Up $0.06.
• Platinum, $1,432.00, Down $5.70.
• Palladium, $838.20, Up $5.60.

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