Daily Gold & Silver Market Report – 2/6/2015

Jennifer Carter

2/6/2015 9:07:00 AM

GOLD SLIGHTLY DOWN AS THE UNITED STATES AWAITS JOB DATA REPORT

Gold fell slightly as world leaders await results from the U.S. employment data report. A strong report would strengthen the possibility of the Federal Reserve raising interest rates, which would curb Gold’s appeal. A weak report could result in a weaker dollar, boosting bullion prices. Saxo Bank senior manager, Ole Hansen said, "The Federal Reserve seems to be tuned in to change rates before July ... the only way that could change is if numbers turn out to be much weaker than expected."

Stock markets closed lower with news the European Central Bank will not allow banks to use Greek debt as collateral for loans. Peter Boockvar, chief market analyst at The Lindsey Group, said, “This is because the ECB only accepts investment grade paper and up until today gave Greece a waiver to this clause. That waiver has now been taken away and Greek banks now have to go to the Greek Central Bank and tap their Emergency Liquidity Assistance facility for funding. This news will likely scare depositors and result in further bank runs. This all said, if Greece can come to an agreement with the troika, I'm sure the ECB will reinstate the waiver." Prior to the news, the Dow jumped 100 points.

At 10:07 am. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,243.50 Down $21.40
• Silver, $16.98 Down $0.29
• Platinum, $1,227.00 Down $22.70
• Palladium, $784.50 Down $12.20

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