Daily Gold & Silver Market Report – 5/1/2015

Jennifer Carter

5/1/2015 11:27:52 AM

GOLD SLIDES FURTHER AS STOCKS CLIMB

Gold hit a six-week low Friday due to the U.S. jobs report as well as continued speculation on the U.S. interest rate increase. Spot Gold last traded nearly 1 percent lower at $1,172.30 an ounce, while U.S. gold futures for June delivery were down $10 an ounce. Earlier spot prices had Gold at $1,170.20, its lowest since March 20. “There is still fall-out from the FOMC (Federal Open Market Committee)-- there has been a hiccup in the U.S. recovery, but certainly the view is that interest rates are going up, so Gold is struggling,” Bank of Nova Scotia head of Precious Metals Simon Weeks said.

Both stocks and the U.S. dollar are up Friday, due in part to technology and healthcare stocks.  “[It’s] a new month and big institutional investors that allocate on a monthly basis are still moving money into the market,” Sarhan Capital CEO Adam Sarhan said. Most of the 10 major S&P indexes were higher as health and technology snapped a two-day losing streak. Apple rose 1.5 percent and was the biggest driver on the Dow, Nasdaq and S&P 500.

 

At 12:25 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,174.40. Down $11.20
• Silver, $16.06 Down $0.16
• Platinum, $1,129.70 Down $11.70
• Palladium, $776.00 Down $2.50

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