Morning Gold & Silver Market Report – 7/3/2014

Ryan Schwimmer

7/3/2014 8:05:22 AM

ECONOMIC DATA IMPRESSES

U.S. stock futures added to gains after the release of three key data points for the economy. Expectations were met or exceeded when the Labor Department announced that jobless claims increased slightly to 315,000, the unemployment rate fell to 6.1 percent, and the economy added 288,000 jobs in June. The latter is much more than the expected 215,000.

Precious Metals started the day in the red and briefly dipped lower after the data releases. However, Gold and Silver have since recovered those extra losses. UBS said in a note, “Given the factors currently lined up against Gold — positioning, weak physical markets, and potentially strong employment — any sign of resilience in the face of stronger data will be an important signal that investors may be becoming friendlier to Gold.”

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,319.30, Down $13.60.
• Silver, $21.09, Down $0.21.
• Platinum, $1,504.80, Down $7.70.
• Palladium, $854.60, Down $2.80.

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