Daily Gold & Silver Market Report – 6/9/2016

Marcey Hollon

6/9/2016 10:43:00 AM

GOLD EASES AS DOLLAR CLAWS BACK; U.S.ECONOMIC OUTLOOK BRIGHTENS ON UPBEAT JOBS DATA

Investor concern over global markets helped the dollar’s recovery and has Gold backing off a three-week high. The Precious Metal rose 1.5 percent Wednesday after lower-than-expected payrolls numbers and dovish comments from Federal Reserve Chair Janet Yellen pushed out expectations of an interest rate increase.  "Gold is a bit lower as the dollar is doing (better), especially versus the euro," ABN Amro analyst Georgette Boele said. "We need to get the [Federal Open Market Committee] meeting behind us. I think afterwards markets will further price out the Fed, meaning Gold and Precious Metals will go higher." While some investors think interest rates will not be raised in June or July, the market will remain cautious in case of a surprise from the Federal Reserve.

A slowdown in hiring in May has not dampened the jobs market, and in fact the number of Americans filing for unemployment benefits fell last week. "Firms do not appear to be shedding labor. We expect hiring activity to resume in the coming weeks and lead an overall rebound in net employment growth," Barclays economist Jesse Hurwitz said. The number of claims continues to stay under the 300,000 mark, which signals a strong labor market.  More economic data Thursday showed wholesale inventory levels rose for a second straight month, which helped boost second-quarter economic growth.

 

At 11:43 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,272.90 Up $10.80
• Silver, $17.32 Up $0.27
• Platinum, $1004.30 Down $7.70
• Palladium, $562.00 Down $0.20

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