Daily Gold & Silver Market Report – 3/5/2015

Marcey Hollon

3/5/2015 11:09:00 AM

GOLD FLAT AHEAD OF ECB NEWS, U.S. JOBLESS CLAIMS

While the European Central Bank has held interest rates at record lows, it is expected to detail its 1 trillion euro quantitative easing plan during today’s press conference. These details, as well as key U.S. economic data expected Friday, keep investors cautious. U.S nonfarm payrolls numbers could affect the timing of the Federal Reserve’s interest rate hikes. “At some point Gold is going to have to shrug off the interest hike theme, but we still think though that there are always people that won't believe it until it happens,” Macquarie analyst Matthew Turner said.

New U.S. unemployment benefit claims rose this week to their highest level since May, raising concerns about labor market weakness. “We suspect the pattern reflects the weather rather than fundamental deterioration. That said, we will, of course, be on watch for the possibility that the rise in the last two weeks marks a change in the trend,” Frequency Economics chief U.S. economist Jim O’Sullivan said. Public holidays and snowy weather may have kept the claims level volatile. However, the trend of a strengthening labor market has remained consistent.

At 11:57 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,204.60 Up $0.90
• Silver, $16.31 Up $0.08
• Platinum, $1,185.20 Up $2.50
• Palladium, $825.10 Down $6.50

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