Morning Gold & Silver Market Report – 11/26/2014
Paul Stevens
11/26/2014 9:20:00 AM
METALS GAINING AS JOBS DATA DISAPPOINTS
Gold and Silver prices are gaining in morning trading. The U.S. dollar gained Tuesday as investors around the world consider that the European Central Bank may provide more stimulus to the region. Although this has applied some pressure to metals, physical demand has helped support prices. Speaking on the two contradictory factors, Thorsten Proettel, analyst at German bank LBBW, said, “At the moment we have a stand-off situation. On the one side, we have the prospect of higher interest rates in the United States, which is not a situation in which the Gold price can move higher. On the other, we're seeing some greater demand for Gold from Asia.”
Data released Wednesday showed a spike in U.S. unemployment, as jobless claims increased to 313,000 in November, reaching their highest point in three months. The news could provide volatility to the market as the numbers may indicate the U.S. labor market is beginning to lose momentum. Thomas Simons, an economist at Jefferies LLC in New York, said, “Volatility will probably continue to be elevated until the end of the year, but we expect that claims will drift lower again.”
At 10:27 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,200.90 Up $0.90
- Silver, $16.69 Up $0.04
- Platinum, $1,230.80 Up $4.30
- Palladium, $801.30 Up $4.70
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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
