Daily Gold & Silver Market Report – 6/5/2015

Jennifer Carter

6/5/2015 9:28:00 AM

U.S JOB REPORT FIRMS AS GOLD SAGS                 

Gold fell Friday ahead of U.S. employment data that could boost the possibility of a Federal Reserve interest rate increase this year. The Precious Metal is heading for its third straight weekly slide. Gold was down Friday 0.1 percent to $1,174.96 an ounce, nearing a five-week low of $1,172.55. The metal was heading for a 1 percent decline on the week. Falling metal prices have investors eagerly awaiting the Fed’s plans. “Clearly the market is going to look at the U.S. data ... As long as the market is confident that the U.S. economy continues to grow after a weak first quarter, then there is this belief that the Fed is going to move forward as planned,” Julius Baer analyst Carsten Menke said.

WTI crude oil closed at $58 per barrel Thursday, as the Organization of the Petroleum Exporting Countries (OPEC) is expected to continue its 30 million barrels per day output. Economist Dennis Gartman spoke to CNBC.com’s “Futures Now” Thursday, saying despite this output pace, there is simply too much supply, which is good news for consumers and producers alike. “The whole world is happy with $60 WTI [and] with $65 Brent [crude oil],” Gartman said. “Producers are happy with that number—or at least reasonably happy with that number. Consumers are happy with that number. The users of crude oil are happy with that number. It wouldn't surprise me if we actually did go sideways for a protracted period of time.”

At 9:27 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,165.80 Down $12.20
• Silver, $16.06 Down $0.15
• Platinum, $1,092.10 Down $8.10
• Palladium, $750.50 Down $6.80

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.