Daily Gold & Silver Market Report – 11/6/2015

Jennifer Carter

11/6/2015 9:38:00 AM

JOBS REPORT DROPS GOLD, BOOSTS DOLLAR

Both Gold spot and Gold futures fell 1 percent Friday after the Bureau of Labor Statistics reported nonfarm payrolls grew 271,000 for October, a sharp jump from August and September numbers. A Federal Reserve interest rate increase is a possibility, if justified by economic data coming out today. "The technical picture has weakened this week after the Fed officials' comments, and prices are struggling above the $1,100 [per ounce] area. Today's data is crucial but the question now is what kind of number Yellen needs to raise rates in December," ActivTrades chief analyst Carlo Alberto de Casa said.

The U.S. dollar reached a three-month high Friday, coming before U.S. jobs data may have the Federal Reserve raising interest rate this year for the first time in a decade. Expectations for a December hike have increased again since there was hope for high job numbers. "The key from the payrolls today is not only the print but also whether there is also a revision to last month’s weak number," Wells Fargo Asset Management senior portfolio manager Chris Wightman said. "And everyone is going to look whether we see below 5 percent (for overall unemployment rate)."

At 8:38 P.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,109.20 Down $17.00
• Silver, $14.85 Down $0.23
• Platinum, $945.60 Down $7.50
• Palladium, $614.40 Up $7.10

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