Morning Gold & Silver Market Report – 9/4/2014

Ryan Schwimmer

9/4/2014 8:11:46 AM

ECB RATE CUTS, JOBS REPORT PRESSURE GOLD

Gold and Silver prices gave up small gains after the release of Automatic Data Processing’s monthly U.S. private-sector jobs report. Though the report showed that fewer jobs than expected were added to the economy in August, the level of 204,000 was positive enough to boost the U.S. dollar’s strength. The U.S. Labor Department’s employment report will be released Friday morning, and is expected to show an increase of 226,000 jobs added in August versus 209,000 in July.

The European Central Bank (ECB) announced rate cuts to new all-time lows this morning, driving the value of the euro down and further pressuring the Gold price. Though quantitative easing is normally a bullish factor for Gold, currency trade has been a major player lately. When the euro falls, and the dollar rises, downward pressure is added to Gold; however, HSBC noted that “Gold is likely to be more influenced by U.S unemployment data due at the end of the week and the general direction of the dollar” than the ECB moves.

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

• Gold, $1,270.70, Down $0.60.
• Silver, $19.23, Up $0.05.
• Platinum, $1,409.40, Down $4.10.
• Palladium, $887.00, Up $11.10.

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