Daily Gold & Silver Market Report – 11/5/2015
Marcey Hollon
11/5/2015 12:39:00 PM
GOLD DOWN AS DECEMBER RATE RISE STILL ON TABLE; U.S. JOBLESS CLAIMS RISE
The U.S. dollar gained strength Thursday on comments from the Federal Reserve that a December interest rate increase was still on the table, prompting Gold to slip to $1,105.15 per ounce, its lowest point since October 2. Federal Reserve Chair Janet Yellen stated a December rate hike is a “live possibility,” though the Fed is awaiting the release of more economic data. An increase in returns on U.S. bonds and other markets is viewed as a negative for Gold, which pays no interest. "Bullion weakened after perceivably hawkish monetary policy comments by ... Yellen," HSBC analyst James Steel said. "The next focus for the Gold market may shift to the upcoming release of non-farm payrolls data on Nov. 6." Investors will be watching for the strength of the U.S. jobs report due Friday, which could lead to a selloff in Gold.
Despite the number of new applications for unemployment benefits seeing its biggest increase in the last eight months, levels stay in line with a healthy labor market. The four-week moving average, considered a better gauge of the jobs market, increased by 3,500. "There is no evidence that there has been a pickup in involuntary job separations and we continue to expect an increase of 200,000 in private payrolls in October," RDQ Economics Chief Economist John Ryding said. Some investors think a strong payroll report will cement a December interest rate increase.
At 1:38 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,107.60 Down $1.70
- Silver, $15.06 Down $0.09
- Platinum, $952.40 Down $2.40
- Palladium, $609.50 Down $14.90
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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
