Closing Gold & Silver Market Report – 11/6/2014
Brandi Brundidge
11/6/2014 4:20:00 PM
METALS REMAIN STABLE; INVESTORS ANTICIPATE FRIDAY’S NONFARM PAYROLL
Precious Metals prices remained flat throughout trading on Thursday after the U.S. dollar dipped from profit-taking. "We're holding steady today but nobody wants to make a big move ahead of the employment numbers tomorrow morning. If there's a positive number, they (the bears) may take a run at it," Paul Sacks, principal gold trader at Aurum Options Strategies in New York, said. Further pressure on Precious Metals could come tomorrow with better-than-expected unemployment numbers, which the market will see as more reason for the Fed to raise interest rates faster.
The Labor Department reported earlier today that state unemployment benefits fell by 10,000 to an adjusted 278,000 for the week ending November 1st. For the first time since April 2000, the four-week moving average of claims fell to 279,000. If disappointing numbers are released for the non-farm payroll report tomorrow, investors could finally see some support for Gold. Wage growth plays a key role in the Feds decision to raise benchmark interest rates as it’s a good sign for a stable economy. Currently, compensation has increased at a 2.3 percent rate in the third quarter comparable to this year’s second quarter.
At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,144.30 Down $4.40
- Silver, $15.51 Down $0.03
- Platinum, $1,198.00 Down $14.60
- Palladium, $752.00 Down $6.80
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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
