Daily Gold & Silver Market Report – 6/3/2015

Brandi Brundidge

6/3/2015 9:15:00 AM

GOLD SLIDES AS DOLLAR GAINS; PRIVATE SECTOR JOBS RISE

Precious Metals eased Wednesday morning after the dollar gained 0.3 percent versus a basket of major currencies. A deal to bail Greece out of its financial turmoil is expected as negotiations have continued for four months.  A Greek default could occur if a settlement is not reached by the end of June, causing the country to possibly exit the eurozone. The market is awaiting U.S. economic data this week to see how it impacts the Federal Reserve’s decision to increase interest rates in the coming months. A major report investors anticipate is the monthly non-farm payrolls, released Friday.

Private sector jobs added 201,000 positions in May after a big gain in service sector jobs, which created 192,000 positions. This data comes days before the monthly non-farm payrolls report and the market is carefully watching for remarks from the Fed to hike interest rates.  It has been nine years since the Fed has increased interest rates. An increase is expected this fall if the economy continues showing growth and stability.  Moody's economist Mark Zandi acknowledged job growth overall isn’t picking up as quickly as hoped, telling CNBC,  “If we just maintain this rate of growth, by almost every estimate we will be back to full employment by this time next year.”  

At 10:15 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,192.90 Down $3.70
• Silver, $16.68 Down $0.21
• Platinum, $1,111.60 Down $2.20
• Palladium, $765.60 Down $5.00

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