Daily Gold & Silver Market Report – 4/30/2015

Marcey Hollon

4/30/2015 12:42:00 PM

JOBLESS CLAIMS AT 15-YEAR LOW; GOLD FALLS AS JOBS DATA BOOSTS DOLLAR

New claims for jobless benefits fell to a 15-year low, remaining under 300,000, while consumer spending rose in March, which may signal a strengthening economy after a rough first quarter. The four week moving average, considered a better measure of the labor market, fell 1,250 to 283,750. Data showing an increase in Q1 wage earnings may also keep the Federal Reserve in line with raising interest rates this year. The Commerce Department reported consumer spending was up 0.4 percent last month on big ticket items such as automobiles.

Gold fell two percent, with Silver losing four percent, on better-than-expected U.S. jobs data, boosting the dollar and reviving speculation the Federal Reserve may raise interest rates sooner than later. Gold hit a three week high before the Federal Reserve’s two-day policy meeting Wednesday. “It looks like the trigger (for today's weakness) was the U.S. data, with strong jobs creation,” Saxo Bank senior manager Ole Hansen said. “Since the Fed yesterday said it is not too worried (about the economic slowdown) because it's seasonal, a set of data that points towards confirming that statement, makes the market a bit jittery.” An increase in interest rates could dampen the demand for Gold, a non-interest paying asset.

 

At 1:41 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,185.10 Down $27.90
• Silver, $16.18 Down $0.59
• Platinum, $1,143.40 Down $19.10
• Palladium, $779.60 Down $7.20

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