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APMEX | Morning Gold & Silver Market Report – 11/26/2014

METALS GAINING AS JOBS DATA DISAPPOINTS

Gold and Silver prices are gaining in morning trading. The U.S. dollar gained Tuesday as investors around the world consider that the European Central Bank may provide more stimulus to the region. Although this has applied some pressure to metals, physical demand has helped support prices. Speaking on the two contradictory factors, Thorsten Proettel, analyst at German bank LBBW, said, “At the moment we have a stand-off situation. On the one side, we have the prospect of higher interest rates in the United States, which is not a situation in which the Gold price can move higher. On the other, we're seeing some greater demand for Gold from Asia.”

Data released Wednesday showed a spike in U.S. unemployment, as jobless claims increased to 313,000 in November, reaching their highest point in three months. The news could provide volatility to the market as the numbers may indicate the U.S. labor market is beginning to lose momentum. Thomas Simons, an economist at Jefferies LLC in New York, said, “Volatility will probably continue to be elevated until the end of the year, but we expect that claims will drift lower again.”

At 10:27 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,200.90 Up $0.90
  • Silver, $16.69 Up $0.04
  • Platinum, $1,230.80 Up $4.30
  • Palladium, $801.30 Up $4.70

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