Daily Gold & Silver Market Report – 11/19/2015

Marcey Hollon

11/19/2015 12:37:00 PM

GOLD RISES AS DOLLAR DIPS; U.S. JOBLESS CLAIMS FALL

The dollar dipped lower Thursday against a basket of currencies, which helped Gold edge off a six-year low Wednesday as it hit $1,064.85 per ounce. Policymakers continue to point to December as the target to raise interest rates. Analysts think it will take far more than a rate increase to drive the dollar higher. While the Fed has pointed to next month as the liftoff point for rates, they have also signaled it will be slow and steady after that. "Physical demand is not all that bad," MKS head of trading Afshin Nabavi said. "I think if the U.S. dollar sees a bit of correction on the downside, Gold ought to see some short covering towards the $1,095 area. The market feels as though it should be able to test the $1,090-1,095 level, but it's all a question of dollar strength." Some think the market has already factored in the rate hike and Gold will trade sideways in the near term.

The falling number of applicants for unemployment benefits signals a tightening labor market. Claims numbers have stayed in the 300,000 mark for the last 37 weeks, which points to a healthy jobs market. While global growth remains low, the labor market has remained steady and economists expect payrolls to increase by 200,000 in November. This may give the Fed the full confidence to raise interest rates in December if the economy continues showing positive notes. While the manufacturing sector has battled against spending cuts by energy companies and businesses cutting inventories, new positive data showing a rise in manufacturing in the mid-Atlantic region is a good sign for the struggling sector.    

At 1:36 P.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,081.20 Up $9.00
• Silver, $14.32 Up $0.13
• Platinum, $857.30 Up $9.30
• Palladium, $541.00 Up $7.90

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