Daily Gold & Silver Market Report – 1/21/2016
Marcey Hollon
1/21/2016 11:41:00 AM
GOLD RETREATS AS EQUITIES RECOVER; U.S. JOBLESS CLAIMS RISE
A rebound in European equities has diminished some risk and has Gold down from a two-week high. European shares gained even as Asian volatility has shaken global markets. Gold has been at a two-month high as a glut of oil brought oil prices dramatically down and fears of a global slowdown abound. "You're not seeing so much safe haven bidding, although that is probably supporting the market," Societe Generale analyst Robin Bhar said. "As the price inches higher, you're just losing steam from the physical markets. The physical buying is maybe not there to mop up any excesses, and for the moment Gold appears to be struggling." Gold continues to meet resistance at the 100-day moving average of $1,107 per ounce. Investors await more news from today’s European Central Bank meeting where the ECB is expected to hold interest rates steady.
New claims for unemployment benefits hit a six-month high and could suggest the labor market losing steam. Economists had forecast claims slipping to 278,00 when in fact the number came in at 293,000. Jobless claims are holding under the 300,000 mark however, which remains a signal of a healthy jobs market. The dollar remained stronger against a basket of currencies as U.S. stock index futures extended gains. Remarks from European Central Bank President Mario Draghi show the ECB will maintain a steady hold on interest rates, though they could "review and possible reconsider" this stance at the March meeting.
At 12:39 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,097.70 Down $10.80
- Silver, $14.15 Down $0.09
- Platinum, $820.40 Up $0.20
- Palladium, $499.10 Up $9.10
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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
