Morning Gold & Silver Market Report – 10/3/2014

Paul Stevens

10/3/2014 8:17:00 AM

METALS DOWN AHEAD OF JOBS DATA

Precious Metals prices are lower through early morning trading.  As the U.S. dollar continues to rebound and provide pressure to metals,  investors have watchful eyes on today’s release of U.S. jobs data.  ABN Amro analyst Georgette Boele said, “What causes the big swings in Precious Metals is what investors are doing and if the dollar is strong and U.S. yields are higher, then Gold becomes one of the least attractive assets for them because it holds no coupon.”

Equities are declining this morning as investors prepare for Friday’s economic data.  Many investors are concerned about the recent announcement of the European Central Bank’s asset-buying plan to stimulate growth in the region. Andreas Lipkow, a senior market strategist at Kliegel & Hafner AG in Berlin, said, “The ECB did not make very supportive statements, and these are reasons why the market tanked a bit. Today’s unemployment report will be very interesting because it’ll be either very supportive for the outlook on the economy or confirm the more bearish situation.  The focus of the market is also shifting to earnings as the third quarter starts.”

At 9:16 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,200.90, Down $15.90.
• Silver, $17.02, Down $0.11.
• Platinum, $1,251.40, Down $21.00.
• Palladium, $764.00, Down $4.70.

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