Daily Gold & Silver Market Report – 4/6/2015

Paul Stevens

4/6/2015 12:39:00 PM

METALS RISE AS JOBS DATA DISAPPOINTS

Precious Metal prices gained through morning trading with Gold reaching a seven week high as investors avoided riskier assets and flocked to metals. As U.S. payroll expectations missed the mark Friday, the U.S. dollar lost steam, leading many to believe the Federal Reserve will postpone raising interest rates. In response to the news, RJO Futures senior market strategist Eli Tesfaye said, “The sentiment is changing so they're probably going to be forced to push interest rates further down the road if the numbers are not looking as good, so you get interest buyers coming in to push the market.”

Although many analysts expect the Federal Reserve to push an interest rate hike into the fall, comments made by Federal Reserve Bank of New York President William C. Dudley hint things could increase at a rapid pace. In response to questions on the economy, Dudley said, “If we raise interest rates and portfolios perform poorly, that’s likely to slow us down. If financial market conditions do not tighten much in response to higher short-term interest rates, we might have to move more quickly.”

At 1:39 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,221.50 Up $17.90
• Silver, $17.18 Up $0.39
• Platinum, $1,181.50 Up $25.50
• Palladium, $773.00 Up $24.70

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