Daily Gold & Silver Market Report – 6/23/2016

Marcey Hollon

6/23/2016 10:35:00 AM

GOLD HITS TWO-WEEK LOW AS BRITAIN VOTES ON EU MEMEBERSHIP; U.S. JOBLESS CLAIMS NEAR 43-YEAR LOW

Investors are watching and waiting Thursday as Britain votes on its membership in the European Union. Gold fell to a two-week low as the “stay” camp seemed to take a slight edge in opinion polls. Gold is viewed as a safe haven and previously nearly a two-year high on June 16 amidst the global economic uncertainty.  "The fear we had mid last week about Britain leaving the EU appears to be waning and that's also why Gold has retreated," Julius Baer analyst Carsten Menke said.  "In case of a "Leave" win, any rise in Gold would not be long lasting because this would not result in a deep economic or financial crisis." Menke added a "Remain" vote would see Gold prices fall toward the $1,200 per ounce mark. With so much uncertainty, investors continue to make moves to protect against price swings during the vote.

Data for the month of May showed the number of unemployment benefit claims fell near a 43-year low. While hiring in May slowed, data continues to point to a healthy labor market, which is a key factor for the Federal Reserve timing its next interest rate increase. "Overall labor market conditions are not as bad as one might assume based on May's non-farm payroll print alone," said Jim Baird, chief investment officer at Plante Moran Financial Advisors in Kalamazoo, Michigan. The number of claims has remained under the 300,000 mark, which is considered the threshold of a healthy labor market, for 68-straight weeks.

At 11:37 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,269.30 Down $0.60
• Silver, $17.44 Up $0.07
• Platinum, $968.20 Down $15.30
• Palladium, $565.40 Up $1.60

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