Daily Gold & Silver Market Report–1/8/2016

Jennifer Carter

1/8/2016 9:10:00 AM

GOLD DOWN AS STOCKS REBOUND

Gold spot is down Friday after a nine-week high as the stock market rebounded. The prospect of rising interest rates in the United States was a key factor pushing Gold down more than 10 percent in 2015. European stocks climbed as Chinese policy boosted the yuan.  Spot Gold peaked early Friday at $1,112 per ounce but quickly pared gains and dropped  1 percent to $1,097.30. "Concerns over China, and possibly the Middle East, have prompted some safe-haven demand. That has stirred the Gold price," Capital Economics analyst Simona Gambarini said. "But as we know, safe-haven demand can be quite volatile. We are generally positive on the Gold price for the year, but not necessarily on safe-haven demand. That's a wild card." Silver was down 1.9 percent at $14.02 an ounce, while Platinum was up 0.3 percent at $876.30 an ounce and Palladium was up 0.8 percent at $496.20 an ounce.

U.S. stock index futures opened higher Friday after the jobs report showed 292,000 new jobs in December.  The positive jobs report lost some power this month as a barometer for Federal Reserve policy, since the central bank is not expected to consider another rate hike until March. Dow futures briefly traded more than 220 points higher after the unemployment rate was reported at 5 percent. Average hourly wages declined one cent for an annualized gain of 2.5 percent, mostly due to unusually weak wages in December 2014.

At 10:10 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,106.60 Down $4.20
• Silver, $14.13 Down $0.31
• Platinum, $883.70 Up $6.20
• Palladium, $498.30 Up $4.30

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