Daily Gold & Silver Market Report – 11/4/2015
Brandi Brundidge
11/4/2015 11:44:00 AM
GOLD PRESSURED BY POTENTIAL RATE HIKE; FED EYEING JOB GROWTH REPORTS
Gold is attempting to recover from Tuesday’s losses after the dollar strengthened on speculation the Federal Reserve may increase interest rates in 2015. "The main driver behind the down move is that more market participants now believe that the Fed will begin raising rates this year. We always said that before the first rate hike, there would be pressure on Gold, and this seems to be materializing at the moment," Commerzbank analyst Daniel Briesemann said. Private sector U.S. job growth was slightly better than expected Wednesday morning, but the market is awaiting Friday’s U.S. non-farm payroll report for better direction on how the Fed may proceed.
Private job growth has declined almost 21 percent since October 2014 and analysts have forecast lower figures for upcoming job reports. According to data released Wednesday by ADP and Moody’s Analytics, private jobs created 182,000 new positions for October, which is better than the 180,000 predicted. Even though more jobs were created, the U.S. economy has not shown exceptional employment growth over the past year. In September, the initial forecast for new jobs was 200,000 but was lowered to 190,000. Not everyone agrees there is a slowdown in job creation, as Moody’s Chief Economist Mark Zandi shared his thoughts with CNBC. "There is no meaningful slowdown in job growth. There has been some moderation because of the energy sector and manufacturing. But this job market, everything points to a very sold, strong jobs market," Zandi said.
At 12:45 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,113.50 Down $3.40
- Silver, $15.18 Down $0.15
- Platinum, $958.20 Down $4.00
- Palladium, $628.00 Down $16.90
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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
