Daily Gold & Silver Market Report–3/3/2016

Marcey Hollon

3/3/2016 10:57:00 AM

GOLD CLIMBS AS EQUITIES RETREAT; WALL STREET OPENS LOWER AS OIL PRICES SLIP

Gold was able to climb above $1,250 per ounce Thursday as the strength of the U.S. dollar and equity markets slowed. Investors await Friday’s release of U.S. payrolls data, expecting a strong report to renew expectations of an interest rate increase by the Federal Reserve. Continued fears over the global economy have helped Gold rise 16 percent this year. Saxo Bank head of commodities research Ole Hansen said, "The market most certainly is not prepared to let unfriendly news spoil the party at the moment. Once again it is testing resistance towards $1,246, so let's have the break and see how much is left in the tank."

Thursday saw Wall Street open lower as oil prices slipped ahead of more economic data due Friday. Global economic concerns continue, however this week brought some optimistic data from major economies, which may point toward a rebound in commodity prices. The labor market continues to strengthen even as jobless claims rose last week.  "I think we're looking at a mixed to positive session today," First Standard Financial Chief Market Economist Peter Cardillo said. "Investors are in a holding pattern before we get some clarity ahead of the monthly employment numbers and the Fed meeting later this month."

 

At 11:56 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,256.20 Up $14.50
• Silver, $15.23 Up $0.22
• Platinum, $947.70 Up $11.50
• Palladium, $539.10 Up $22.80

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