Daily Gold & Silver Market Report – 4/2/2015
Marcey Hollon
4/2/2015 11:48:00 AM
GOLD AWAITS PAYROLL DATA; DATA LIFTS PAYROLL HOPES
Gold held around $1,200 per ounce as disappointing economic data raised concerns over the U.S. growth outlook and the Federal Reserve’s interest rates policy. “The Precious Metal could face higher volatility as we approach towards the Friday's U.S. non farm payroll number,” AvaTrade chief market analyst Naeem Aslam said. “(But) we may actually see a weak number, which could push the dollar lower. Having said that, we do need the Gold price to stay above the $1,170 level in order for the uptrend to continue...if we do break (that) ...all (bullish) bets are off and we could be heading towards the $1,138 mark.” An interest rate increase could reduce demand for safe haven assets such as Gold.
An unexpected fall in new unemployment benefit claims last week suggests the labor market is expanding at a good rate despite stalled economic growth. Investors await the March jobs report due Friday, a stock market holiday, so Monday will offer the opportunity to trade off the report. “People are looking ahead to the jobs report and right now it would be a surprise if it was weaker than expected,” Pioneer Investment Management portfolio manager John Carey said. “If the report is weaker than expected, people might become more optimistic about interest rates. Bad news could be good news.” With the Federal Reserve saying it will not raise interest rates until it feels the economy is strong enough, a weaker than expected report may ease concerns of a near term rate increase.
At 12:48 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,202.00 Down $8.90
- Silver, $16.75 Down $0.40
- Platinum, $1,156.50 Down $11.00
- Palladium, $750.40 Down $0.50
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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
