Daily Gold & Silver Market Report – 7/9/2015
Marcey Hollon
7/9/2015 12:59:00 PM
GOLD CLIMBS FROM 4 MONTH LOW; U.S. JOBLESS CLAIMS RISE TO HIGHEST LEVEL SINCE FEBRUARY
Gold rose Thursday as minutes from the most recent Federal Reserve meeting gave a cautionary tone toward an interest rate hike. Mixed economic data both domestically and globally leave the central bank struggling with increasing interest rates. “The Fed is certainly worried about the Chinese markets, and the massive selloff over in Asia has made them a little bit more cautious in their approach to raising interest rates,” Ava Trade chief market analyst Naeem Aslam said. “(As soon as) the rate hike expectations are slammed, we see a surge in the Gold price, but the question is for how long? The Fed will have to raise interest rates eventually. This will make the bigger downward trend in Gold prevail, and could push the price towards the $1,050 [per ounce] mark.”
The number of new applications for unemployment benefits rose to a level not seen since February. New claims rose to 297,000 after economists expected the number to fall to 275,000. Continued claims, the number of people still claiming jobless benefits, rose by 69,000. Barclays Capital economist Jesse Hurwitz said because of the holiday and auto plant shutdowns, he looked past the volatility in the U.S. Department of Labor’s report, saying, “Trend readings of both initial and continuing claims remain low from a historical perspective, which we expect to continue.” Government reports last week showed employers added an additional 223,000 jobs in June, which was down from the prior month.
At 1:57 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,163.50 Down $3.50
- Silver, $15.50 Up $0.21
- Platinum, $1,027.70 Down $9.10
- Palladium, $641.50 Down $13.90
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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies
