Morning Gold & Silver Market Report – 6/6/2014
Ryan Schwimmer
6/6/2014 9:28:40 AM
JOBS ADDED AS EXPECTED
The U.S. dollar and U.S. stock futures gained after the release of the monthly jobs report. The expected result came to fruition with over 200,000 jobs added for a fourth straight month. The unemployment rate held steady at 6.3 percent. Many investors will now look for more clues to the Federal Reserve’s future decisions on tapering and interest rates.
The Gold price gave up slight gains after the announcement. For the short term, one analyst believes that “we're in a range again (of) $1,240-1,270 [per ounce] … I don't see it breaking out of that.” For other metals, the ongoing Platinum mine strike in South Africa has little chance of ending soon. HSBC said in a note, “If after further arbitration the strike is not resolved the government has the option of declaring the strike illegal. The apparent stalemate has boosted Platinum group metal prices but we are mindful that any bearish news could take prices lower, at least in the near term.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,258.50, Up $3.20.
- Silver, $19.17, Up $0.03.
- Platinum, $1,456.20, Up $10.10.
- Palladium, $838.80, Down $0.70.
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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
