Daily Gold & Silver Market Report – 5/8/2015

Jennifer Carter

5/8/2015 9:51:00 AM

JOBS REPORT KEEPS GOLD IN CHECK

Gold is up slightly Friday, but is still tied to whether the U.S. Federal Reserve raises the interest rate.  A strong jobs report could mean the Fed would raise rates sooner than later, pressuring Gold. “Gold is desperately looking for direction, which makes today's nonfarm payrolls report particularly important,” Saxo Bank head of commodity research Ole Hansen said. Spot Gold was up 0.2 percent at $1,186.46 per ounce Friday morning, while U.S. Gold futures for June delivery were up $3.70 an ounce at $1,185.90.

The U.S. jobs report from April is still benefiting stocks, as Wall Street extended gains Friday due to the likelihood of the interest rate hike. The unemployment rate declined one-tenth of a percent to 5.4 percent, its lowest since May 2008, despite more people joining the labor market. “This is more evidence that the economy is expanding after its first-quarter swoon,” Northern Trust Asset Management chief investment strategist Jim McDonald said.

At 9:51 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,190.60. Up $5.10
• Silver, $16.52 Up $0.14
• Platinum, $1,141.00 Down $8.60
• Palladium, $796.10 Down $8.40

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