Morning Gold & Silver Market Report – 10/23/2014
Brandi Brundidge
10/23/2014 9:03:00 AM
PRECIOUS METALS AFFECTED BY STRONG EUROZONE DATA; U.S. JOB MARKET REFLECTS SOLID FIGURES
Gold is down this morning due to better-than-expected business activity in the eurozone. When the news broke it lifted stock markets from early lows, which pressured the yellow metal. Additional pressure is being felt this morning from a stronger U.S. dollar, which reached its highest point in a week. Platinum production has resumed at Anglo American in South Africa a month ahead of schedule in September as operations attempted to recover from a five-month strike. The wage strike by the Association of Mineworkers and Construction Union ended in June and ended up costing the company 424,000 ounces in lost production plus another 108,000 ounces once miners returned to work and began the ramp-up process.
The Labor Department released the unemployment numbers for the week ending October 18 with the seasonally adjusted number of unemployed at 283,000. Economists forecast were accurate as claims have continued to decline over the past three consecutive weeks. In September, payrolls increased by 248,000 workers causing the unemployment rate to fall below 6 percent for the first time since July 2008. If the U.S. continues to see success in the job market it is highly probable for the Fed to hike interest rates sooner than expected.
At 10 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,237.30 Down $10.20
- Silver, $17.27 Down $0.02
- Platinum, $1,259.10 Down $14.00
- Palladium, $773.30 Down $4.50
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.
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
