Mid-Day Gold & Silver Market Report – 8/1/2014

Paul Stevens

8/1/2014 12:42:00 PM

METALS ON THE MOVE AFTER JOBS DATA

Precious Metal prices are continuing to fluctuate through mid-day trading.  After today’s jobs report confirmed the U.S. economy added fewer jobs than expected in July, Gold futures are rebounding from six-week lows.  Macquarie analyst Matthew Turner said, “Yesterday there were some thoughts that interest rates might rise more quickly, and that's what hit gold. But then today, people were looking for a big payrolls figure and they didn't get one, so gold gained.”

The U.S. dollar lost ground Friday against other major world currencies after disappointing jobs data was released.  With the new data release, some feel the Federal Reserve’s plan to hike interest rates in the coming months may be affected.  Jan Hatzius, Goldman Sachs' top economist told CNBC, “ To the extent that people have pulled forward their expectations for ... when the Fed might start to move into the first half of 2015, I think this is going to lead them to push it back again.”

At 1:41 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,294.30, Up $12.00.
• Silver, $20.39, Down $0.03.
• Platinum, $1,464.20, Down $1.00.
• Palladium, $864.30, Down $10.40.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.