Daily Gold & Silver Market Report – 7/7/2016
Marcey Hollon
7/7/2016 12:20:00 PM
GOLD SLIPS ON STRONG DOLLAR BUT BREXIT PERSISTS; WALL STREET HIGHER ON STRONG JOBS REPORTS
Brexit concerns led Gold to its peak since March 2014 on Wednesday but U.S. jobs data released Thursday strengthened the dollar and pressured Gold prices. Britain’s vote to leave the European Union sent shockwaves through the financial markets and has investors looking for the safe-haven appeal of both Gold and Silver. Mitsubishi analyst Jonathan Butler said, "I think Gold could make further gains towards $1,381 [per ounce], the 38.2 percent Fibonacci retracement of 2011 high to 2015 low, and above that the $1,400 psychological level." A sluggish hiring month in May helped Gold rise and investors think another weak report could result in the Federal Reserve holding off on an interest rate increase. All eyes will be on Friday’s non-farm payroll reports for indicators of economic health and possible rate increase timeframe.
A drop in jobless claims as well as strong private-sector jobs data saw Wall Street open higher Thursday. Analysts expected 159,000 jobs added in June yet the number came in at 172,000. Investors have looked for positive notes and signs pointing to a healthy economy after the vote for Britain to leave the European Union rocked all markets. "Today the markets will be looking at how the ADP numbers will spell out for tomorrow's data," said John Brady, senior vice president at R.J. O’Brien & Associates in Chicago. "The ADP numbers were pretty strong last month, but the following jobs report did not confirm that."
At 1:19 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,363.20 Down $4.10
- Silver, $19.79 Down $0.40
- Platinum, $1090.40 Up $1.10
- Palladium, $612.20 Up $3.20
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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
