10/6/2014 8:13:07 AM By: Ryan Schwimmer

 

GOLD RECOVERS FROM OVERNIGHT LOSSES

The Gold price increased slightly in morning trading but still below the  key psychological level of $1,200 per ounce. At one point in overnight trading, the Gold price was just above a key support level of $1,180 per ounce. Ronald Leung of Lee Cheong Gold Dealers in Hong Kong, said, " A strong dollar is a major problem for gold. Sentiment is very bearish but I think we expect some kind of rebound."

U.S. stock futures are  pointing towards a higher open  for Wall Street. Evan Lucas, market strategist at IG, said, " The labor market still has plenty of slack in it. The strong employment numbers mean the economy is moving, but it' s not so strong that the [U.S. Federal Reserve] would jump the gun with moving rates." The timing of the Fed hiking interest rates has been a main factor of market prices in recent months.

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,198.70, Up $4.30.
• Silver, $17.12, Up $0.23.

10/3/2014 1:20:30 PM By: Brandi Brundidge

 

GOLD REACTS TO JOBS REPORT REAL UNEMPLOYMENT RATE UNCERTAIN

 

Precious Metals prices quickly began moving down after the U.S. Labor Department showed an estimated 248,000 jobs were created in September. They also announced the unemployment rate fell to 5.9 percent, its lowest point since July 2008. Gold broke new ground on the news, falling under $1,200 an ounce for the first time in 2014, while Platinum dropped about 3 percent. " We have a global economy that is not going anywhere, but we do have a strong nonfarm payrolls report, and that appears to be enough to take down Gold and discourage people from holding Gold," Merk Funds Chief Investment Officer Axel Merk said.  This past week, the U.S. dollar has increased more than 1 percent against other currencies and is on track to see its 12^th straight week of gains, something the dollar has not done in four decades.

The market is constantly influenced by economic reports and today' s jobs report has pressured Precious Metals prices. To get a better perspective, a number of economists have dissected the unemployment rate into a different figure, which is known by the Bureau of Labor Statistics as " U-6."   This true total calculates not only the unemployed, but the underemployed and the discouraged that have completely steered away from looking for employment.  The U-6 rate was calculated at 11.8 percent for September, which was the first time it had fallen below 12 percent since October 2008.

At 2:20 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,194.20, Down $22.40.
• Silver, $16.90, Down $0.22.

10/3/2014 8:17:33 AM By: Paul Stevens

 

METALS DOWN AHEAD OF JOBS DATA

Precious Metals prices are lower through early morning trading.  As the U.S. dollar continues to rebound and provide pressure to metals,  investors have watchful eyes on today' s release of U.S. jobs data.  ABN Amro analyst Georgette Boele said, " What causes the big swings in Precious Metals is what investors are doing and if the dollar is strong and U.S. yields are higher, then Gold becomes one of the least attractive assets for them because it holds no coupon."

Equities are declining this morning as investors prepare for Friday' s economic data.  Many investors are concerned about the recent announcement of the European Central Bank' s asset-buying plan to stimulate growth in the region. Andreas Lipkow, a senior market strategist at Kliegel & Hafner AG in Berlin, said, " The ECB did not make very supportive statements, and these are reasons why the market tanked a bit. Today' s unemployment report will be very interesting because it' ll be either very supportive for the outlook on the economy or confirm the more bearish situation.  The focus of the market is also shifting to earnings as the third quarter starts."

At 9:16 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,200.90, Down $15.90.
• Silver, $17.02, Down $0.11.

10/2/2014 4:05:43 PM By: Ted Prince

 

ECB, JOBS REPORT EYED AS GOLD STRUGGLES TO RECOVER

Gold and Silver fell again Thursday as the  prospect of domestic economic improvement  and a higher interest rate environment further quelled the demand for Precious Metals. " The stronger U.S. macro outlook is driving expectations for a U.S. interest rate hike, which is supporting the dollar" and hurting Gold, Citigroup Inc. analyst David Wilson said. " You' d expect to see some bargain hunting at these lower prices."   Investors will continue to monitor economic news and geopolitical tensions, which have been strong motivators of higher Precious Metals prices during 2014.

U.S. stocks are treading water  today as the European Central Bank (ECB) decided to maintain current monetary policy in the eurozone and investors await Friday' s U.S. jobless report.  Analysts predict a positive rebound from last month' s disappointing unemployment data and are hoping for benchmark equities indexes to rebound following several sessions of losses.  Further selloffs among equity shares could cause fear of a full-scale correction, which would likely influence strong bullion buying from those seeking a safe-haven alternative to riskier assets.

At 5:00 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,216.30 Down $0.70
• Silver, $17.17 Down $0.16

10/2/2014 8:20:15 AM By: Ryan Schwimmer

 

JOBLESS CLAIMS FALL, HAVE LITTLE IMPACT

Gold and Silver prices are  trading lower this morning  and were little changed after the release of weekly jobless claims numbers. The U.S. dollar' s rally is halted, at least for now, but Precious Metals demand is keeping a tight lid on prices. INTL FCStone is still a supporter of the yellow metal, as they said in a note, " With the likelihood of further weakness in equity markets, coupled with the still volatile situation in Hong Kong, we would rather not want to be short Gold here, as we think the Precious Metal may benefit from some short-covering heading into the weekend."

The number of new U.S.  jobless claims for last week fell by 8,000  from the previous week' s level. This result was unexpected, but had little impact on markets as U.S. stock futures remained off. The European Central Bank' s policy decision was  closely scrutinized this morning, but ultimately led to no changes to the eurozone' s rate policy.

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,215.20, Down $1.80.
• Silver, $17.14, Down $0.19.

October 01, 2014 - 10:21:37 PDT

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