Daily Gold & Silver Market Report – 8/6/2015
Marcey Hollon
8/6/2015 10:25:00 AM
GOLD NEAR 2010 LOW; JOBLESS CLAIMS UP BUT LABOR MARKET STRONG
As the dollar steadied Thursday, investors await U.S. jobs data that may point to the Federal Reserve raising interest rates in September. Gold broke through the technical support level of $1,100 per ounce after seeing its weakest point since February 2010. An interest rate increase could lend strength to the dollar and dim the appeal of non-interest yielding bullion. Phillip Futures analyst Howie Lee said Gold could drop below $1,080 per ounce on strong U.S. employment data Friday. "(That) appears to be a level that many traders have put their stop-loss in because every time it breaches that level there's a swift decline," Lee added.
The number of unemployment benefit filings last week was less than expected, at 270,000. The last 22 weeks showed claims under the 300,000 threshold, which supports a strengthening market. Economists surveyed expect the nonfarm payrolls due Friday to reflect an increase matching June’s gains, which will suggest the labor market is approaching full employment. The Federal Reserve upgraded its view of the jobs market, calling the gains “solid” and saying market slack had diminished “since early this year.”
At 11:23 A.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,091.70 Up $2.80
- Silver, $14.73 Up $0.06
- Platinum, $952.50 Up $0.60
- Palladium, $602.80 Up $5.80
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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
