Daily Gold & Silver Market Report – 12/4/2015
Jennifer Carter
12/4/2015 10:42:00 AM
GOLD UP DESPITE DOLLAR REBOUND
Gold rallied Friday morning, following a strong U.S. non-farm payrolls report, and is set to end a six-week losing streak. Investors are focused on the jobs report, which showed 211,000 jobs added in November, but also await the Dec. 15-16 Federal Reserve meeting where the first rate increase in nearly a decade could be announced. Janet Yellen said on Thursday the U.S. is "close to the point at which we should be raising" rates. “The [European Central Bank] announcement [regarding additional easing measures] disappointed expectations and the immediate reaction of the euro reflected that, aiding Gold in dollar terms," Mitsubishi Corp strategist Jonathan Butler said. "But if the U.S. economic recovery is indeed continuing and we see a fairly healthy jobs number, the story remains intact for a December rate rise, which should mean some further strengthening of the dollar and some more downside for Gold."
Oil is up Friday due to the dollar being at the one-month low just before the release of the jobs report. Investors have recently run up big bearish bets, or short positions, betting on crude oil prices to fall, which could quickly unwind if the Organization of the Petroleum Exporting Countries (OPEC) signals it might adjust its stance on supply. "What OPEC have on their side is the market is in quite a bearish mode, so there are quite a few shorts out there ... if we see anything that resembles a move towards stabilizing the price, then we could see (oil) move 20 or 25 percent higher within a very short period of time," Saxo Bank general manager Ole Hansen said.
At 10.39 A.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,088.20 Up $23.50
- Silver, $14.64 Up $0.47
- Platinum, $882.20 Up $33.70
- Palladium, $556.40 Up $18.60
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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
