Daily Gold & Silver Market Report – 4/7/2015
Lorrie Freeman
4/7/2015 5:03:00 PM
GOLD DIPS AS OIL RALLIES
Gold dropped Tuesday as the U.S. dollar gained strength and global shares rose, but fears about a U.S. interest rate hike kept bullion close to a seven-week high. Precious Metals increased Monday to their highest since February 17, as non-farm payroll data fuelled expectations the U.S. Federal Reserve may not increase rates this year. “Bulls are frustrated yet again to see rallies fade … momentum buying is mostly seen as opportunity to sell into,” Sharps Pixley Chief Executive Ross Norman said.
Strong jobs data, lower U.S. crude production growth forecasts and increased global oil demand helped both oil futures rally and U.S. crude approach 2015 highs Tuesday. U.S. job openings increased to a 14-year high in February, according to the Labor Department’s monthly Job Opening and Labor Turnover Survey (JOLTS). “That JOLTS report was certainly quite strong and strong employment equals strong gasoline demand,” Again Capital LLC partner John Kilduff said.
At 6:01 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,211.30 Down $2.00
- Silver, $16.92 Down $0.02
- Platinum, $1,174.70 Down $0.70
- Palladium, $771.50 Up $0.50
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
