Daily Gold & Silver Market Report – 5/6/2016
Jennifer Carter
5/6/2016 10:00:00 AM
U.S. JOBS DATA EDGES GOLD SLIGHTLY HIGHER
Spot Gold is up Friday after a weaker-than-expected jobs report, furthering speculation the Federal Reserve will keep interest rates low for some time. Weakness in the labor market is bullish for Gold and may support the Fed’s slow approach to normalizing currently ultralow benchmark interest rates. Further contributing to the gain for Gold is the dollar being slightly lower against the Japanese yen. “This Precious Metal is bullish on the daily timeframe and the diminishing expectations that U.S. rates may be increased in 2016 may have provided an opportunity for bulls to install a round of buying momentum above $1,270 [per ounce],” FXTM research analyst Lukman Otunuga said in a Friday morning research note.
The stock market slid after U.S. job numbers fell short of the projected outcome, with 160,000 jobs created compared to an expected 200,000. Giving fear to a weak economy, the report showed the fewest number of jobs added in the last seven months. Global stocks are heading toward their worst loss since February, with Wall Street set to open as much as a half percent lower. "The labor market has been a shining beacon compared with other elements of the U.S. economy for the past few months, but no longer," said Dennis de Jong, managing director of London-based broker UFX.com.
At 10:00 A.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,291.40 Up $18.60
- Silver, $17.50 Up $0.15
- Platinum, $1077.50 Up $14.20
- Palladium, $607.50 Up $5.80
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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
