Daily Gold & Silver Market Report – 9/03/2015

Marcey Hollon

9/3/2015 10:41:00 AM

GOLD SLIPS AFTER ECB COMMENTS; WALL STREET HIGHER ON DATA, ECB COMMENTS

Gold fell one percent Thursday following comments the European Central Bank cut its inflation forecasts, citing weak oil prices as well as a slowdown in emerging markets. The news boosted the dollar against the euro. The U.S. jobs report remains in focus to lend more detail to the strength of the labor market and give clues on the timing of an interest rate hike by the Federal Reserve. "Only amazingly good U.S. data would bring the prospect of the rate hike back to September from December," Citi strategist David Wilson said. "That could put immediate further pressure on the Gold price."

News of the improving U.S. economy and the ECB prolonging its stimulus plan helped Wall Street open higher Thursday. A highly important monthly U.S. jobs report due Friday may lend more information on the timing of the Federal Reserve to raise interest rates. "I think the market is trying to calm down a little bit with the fear factor reducing somewhat and the data points to a growing U.S. economy," Rockwell Global Capital Chief Market Economist Peter Cardillo said. "I think the Fed raising rates in September will be a good thing for the markets because it sends the signal that the U.S. economy is capable of standing on its own two feet." However, concerns over China’s slowing economy caused recent market volatility and may force the Fed to put off a rate hike until the end of the year.

At 11:39 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,126.10 Down $10.70
• Silver, $14.72 Down $0.05
• Platinum, $1013.60 Down $1.00
• Palladium, $583.30 Down $2.10

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