Daily Gold & Silver Market Report – 3/26/2015
Marcey Hollon
3/26/2015 12:02:00 PM
GOLD HITS 3 WEEK HIGH; JOBLESS CLAIMS SUGGEST IMPROVEMENT
Escalating tensions in the Middle East rattled stocks and the U.S. dollar, leading investors into lower risk assets of bullion and German bonds. Gold rallied to a 3 1/2 week high while Silver rose 3 percent. Gold received another boost as soft U.S. data may lead to the U.S. Federal Reserve keeping interest rates low. “Overnight we have seen risk aversion because of what's going on in the Middle East, and the dollar is weak because data has been weaker,” ABN Amro analyst Georgette Boele said. “The combination of dollar weakness and risk aversion is normally one where Gold should do well. I still believe we will see lower prices, but we need to have the environment for that, and at the moment the environment is the other way around.” Silver prices reached a three month high and rose 2.7 percent in early Thursday trading, outperforming Gold.
New unemployment benefit claims fell more than expected last week, suggesting an improving labor market. “The constructive trend in claims in recent weeks suggests that the positive labor market trend is continuing,” TD Securities economist Cheng Chen said. Improving jobs markets provide a contrast to gloomy reports of consuming spending and trading, which suggested the economy was in a soft patch. February marked the 12th straight month that employment gains were above 200,000, the longest run since 1994.
At 1:02 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,208.60 Up $8.60
- Silver, $17.23 Up $0.15
- Platinum, $1,156.60 Up $7.80
- Palladium, $766.00 Up $8.60
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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
