Daily Gold & Silver Market Report – 3/6/2015
Jennifer Carter
3/6/2015 9:42:00 AM
GOLD DROPS ON STRONG JOB REPORT
Gold fell nearly 1 percent after the U.S. employment report showed the unemployment rate dropped to 5.5 percent, marking the fifth weekly decline as the dollar rose near an 11-year high. However, markets believe a strong U.S. jobs report could spur the Federal Reserve to raise interest rates, which would boost the dollar and in turn hurt demand for Precious Metals.
The dollar is a major factor in U.S. oil prices. “Given the higher production cost for shale oil, we view that the supply-demand matrix will adjust itself accordingly to eventually lift oil prices to at least the estimated production cost,” Oversea-Chinese Banking Corporation analysts said in a note. Investors are watching talks with Iran, as any agreement will affect the oil supply due to Iranian crude oil returning to the market.
At 08:42 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,178.50 Down $20.50
- Silver, $15.91 Down $0.03
- Platinum, $1,165.00 Down $16.10
- Palladium, $820.90 Down $5.20
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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
