Daily Gold & Silver Market Report – 7/2/2015

Marcey Hollon

7/2/2015 10:57:04 AM

GOLD RISES FROM 3-1/2 MONTH LOW; U.S. JOB GROWTH SLOWS, LABOR FORCE SHRINKS

Gold rebounded from a 3-1/2 month low Thursday ahead of U.S. jobs data that could indicate timing of a Federal Reserve interest rate increase. The ongoing Greek debt crisis weakened the euro, helping the U.S. dollar hit a three week high against a basket of other currencies. “We don't need many more numbers for the Fed to see that a September rate hike will be too early,” Saxo Bank senior manager Ole Hansen said. The Fed has stated they will raise rates only if they see sustained economic recovery.

A report released Thursday by the U.S. Labor Department showed Americans left the job force in large numbers in June while job growth slowed, which could temper expectations of a September interest rate increase. The Labor Department reported nonfarm payrolls increased by 223,000 in June and also revised April and May numbers to show 60,000 less jobs added. The unemployment rate fell to 5.3 percent, the lowest since April 2008.

 

At 11:55 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,166.00 Down $6.80
• Silver, $15.69 Down $0.00
• Platinum, $1,082.00 Down $6.80
• Palladium, $696.00 Down $7.30

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