Daily Gold & Silver Market Report – 9/30/2015

Brandi Brundidge

9/30/2015 10:00:00 AM

U.S. ECONOMIC DATA PRESSURES METALS

The U.S. private sector announced Wednesday it added 200,000 jobs in September. Payroll processor ADP confirmed this announcement, noting the construction industry added 35,000 employees for the month. Additionally, the housing market has seen a remarkable turnaround in the past decade with sales surging in 2015. The Labor Department will issue non-farm payroll figures Friday, which will provide a better idea of how the economy is performing.  “Despite job losses in the energy and manufacturing industries, the economy is creating close to 200,000 jobs per month,” Moody’s Analytics chief economist Mark Zandi said. “At this pace full employment is fast approaching.” Moody’s prepares the ADP report using the payroll company’s data.

The U.S. dollar strengthened Wednesday morning on news of the private sector’s 200,000 new jobs. This addition to the workforce could persuade the Federal Reserve to raise interest rates in the near future if the economy continues improving. Gold is headed for its largest quarterly loss in a year as it has struggled to find support with the Fed’s indecision on hiking rates this year or next. Palladium is up 10 percent, marking its best month since July 2013. Investors have recently favored the metal, used in catalysts for gasoline-powered cars, due to the forecasted demand for these types of vehicles in the future. 

At 11:03 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,115.90 Down $13.80
• Silver, $14.61 Down $0.08
• Platinum, $915.20 Down $3.90
• Palladium, $658.70 Down $1.00

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