Daily Gold & Silver Market Report–1/14/2016
Marcey Hollon
1/14/2016 10:13:00 AM
GOLD FALLS AS WALL STREET OPENS HIGHER; U.S. JOBLESS CLAIMS RISE
Gold’s safe-haven appeal weakened as Wall Street opened higher Thursday as oil prices rebounded from 12-year lows. Gold had been at a two-month high on recent Chinese stock volatility as investors took to Gold to reduce risks. "Overall we are seeing a reversal of some of the renewed anxiety that crept into the market yesterday," said Saxo Bank's head of commodity strategy, Ole Hansen. "(This is) also showing that Gold is becoming a bit immune to continued stock market losses and it indicates that the short positions have now been scaled back to a manageable level, all of which reduces the upside potential at this stage." Minutes from the December European Central Bank meeting had a dovish tone, giving the euro a retreat and adding pressure to Gold. "Gold should be much, much higher, but there seems to be some kind of selling, which is hanging in there around $1,093-85 [per ounce]," MKS Head of Trading Afshin Nabavi said.
Last week’s numbers of Americans filing for unemployment benefits had an unexpected rise but levels are still considered in a healthy range for the labor market. Recently, polled economists expected a slowdown in claims filings. Levels have remained under the 300,000 mark, a number considered to show a strong and healthy labor market, for the last 45 weeks. The labor market has been able to shake off any sluggishness in the economy. Economic growth has had to contend with a stronger dollar, spending cuts in the energy sector and slowing global demand, yet the labor market has managed to maintain its strength.
At 11:12 A.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,085.20 Down $4.60
- Silver, $13.86 Down $0.37
- Platinum, $839.60 Down $11.70
- Palladium, $491.40 Up $3.80
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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
