Daily Gold & Silver Market Report – 12/7/2015

Paul Stevens

12/7/2015 10:08:00 AM

METALS LOSE GROUND AS OIL CONTINUES SLUMP

Gold and other Precious Metal prices are on the decline during Monday morning trading hours, with Gold retreating from a recent three-week high. Prices unexpectedly increased Friday following what many viewed as positive jobs data.  Historically, positive jobs data weighs on metals and boosts the U.S. dollar. Simon Weeks, head of precious metals at the Bank of Nova Scotia, said, “Most people have been looking at the potential for a rate hike in the U.S. and pretty much that alone, ignoring all other news.”

U.S. markets are on the decline Monday morning as crude oil prices fell to their lowest point in almost seven years.  As concern grows as to whether the economy can withstand its first interest rate hike in nearly a decade, investors keep a watchful eye.  Peter Cardillo, chief market economist at First Standard Financial in New York, said, “At this moment, a rate hike is a foregone conclusion and if the [U.S. Federal Reserve] misses the opportunity to raise again next week, it will reintroduce uncertainties in the market.”

At 11:08 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,079.10 Down $8.20
• Silver, $14.51 Down $0.11
• Platinum, $872.70 Down $8.90
• Palladium, $560.00 Down $7.90

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