Daily Gold & Silver Market Report – 1/22/2015

Marcey Hollon

1/22/2015 11:23:00 AM

Gold Reacts to Draghi’s words; U.S. jobless claims fall

Aimed at reviving the eurozone economy, the European Central Bank launched a multi-billion-euro bond-buying program Thursday, which erased Gold’s earlier losses. "Gold is reacting to what [ECB President Mario] Draghi has to say, to the bigger package that was announced and to rebounding inflation expectations in the [eurozone]," ABN Amro analyst Georgette Boele said. Driven by economic and political uncertainties, the metal has risen around 10 percent since the beginning of the new year.

The U.S. Labor Department said Thursday initial claims for state unemployment benefits fell by 10,000 to a seasonally adjusted number of 307,000 for the week ended January 17.  Claims data showing the prior week’s increase was dismissed by economists as “noise” since it is hard to adjust for seasonal variations around the holidays. "It is unclear at this point whether or not this move up in the trend reflects issues seasonally adjusting the data around the holidays or if it represents a more meaningful deterioration in the labor market," JP Morgan economist Daniel Silver said.

At 12:21 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,304.20 Up $8.00
• Silver, $18.42 Up $0.18
• Platinum, $1,288.40 Up $12.00
• Palladium, $771.40 Up $2.10

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