Daily Gold & Silver Market Report – 8/7/2015
Jennifer Carter
8/7/2015 8:52:40 AM
GOLD EDGED UP ON WEAKENED DOLLAR
Gold rose slightly Friday as the dollar slipped, but is still in its longest losing streak since 1999. The metal remains uncertain as the market braces for Friday’s U.S. non-farm data, which will determine the timeframe of the Federal Reserve’s interest rate hike. “It certainly remains a challenging environment for Gold prices to maintain any upward momentum,” Standard Chartered analyst Nicholas Snowdon said. “It comes back to that very simple argument that the market is waiting for the Fed to hike and the payrolls number today for whether September really is in play.” Gold fell as low as $1,077 per ounce July 24, its weakest since February 2010, but was up 0.2 percent Friday.
The dollar dipped slightly Friday but held in the range it has been in since March. Traders expect Friday’s non-farm payrolls data to be near 223,000 jobs, which would encourage expectations of interest rates rising within months. “It's pretty straightforward today - the Fed has said it wants to see improvement in the labor market, which everyone has taken as a couple of hundred thousand jobs each month,” a senior dealer with one international bank in London said. “If they get that, the dollar stays bid. If not, it will sell off.”
At 9:50 A.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,097.40 Up $4.00
- Silver, $14.98 Up $0.18
- Platinum, $958.00 Up $1.00
- Palladium, $606.10 Up $2.40
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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
