This morning’s opening in New York brought with it some modest selling by participants ahead of the US Labor Department’s August jobs data. The principal take-away number was the decline in US unemployment to 8.1%.
Metals markets opened marginally higher on this US Election Day as the US dollar traded virtually flat and as crude oil advanced by about thirty cents per barrel. Speculative participants appeared to be willing to take only small bites at the market.
Gold and silver prices headed lower this morning while platinum and palladium extended their Tuesday rally with fairly hefty additional gains. Gold retreated towards the $1,750 area while silver fell back to near the $34 level as profit-takers moved in following yesterday’s Sino-Euro-news-induced euphoria.
The midweek trading session in New York opened with lower prices across the precious metals boards as crude oil slipped by a notable amount and as options expiry and month-end related trading book activities became visible.
The headline number may have been a “disappointment” but the revisions being made to previous figures offered a healthy counter-balance to be sure. Overall, the data indicate a “pause” in the US recovery but not one that would impel a nice fat little QE3 package.
The midweek session in precious metals opened with some price softness across the complex but the situation soon shifted a bit towards the firmer side of prices (at least in gold which rose to near $1,620 an ounce) as poor US May retail sales data once again rekindled QE “Fedspectations.”
Wednesday morning trading action lifted the precious metals a tad higher as speculators figured that the latest batch of economic data from the US, China, Germany, and the UK would convince central banks involved to take stimulative monetary action.
The new trading week opened with mixed showings in the precious metals’ complex. Spot gold fell about $5 to the $1,730 bid area, while spot silver eased by 13 cents to near $33.55 per ounce. Platinum advanced $5 to $1,593 and palladium gained an equal amount, to touch $657.
Metals markets opened mixed this morning as the final session of quite an active week got underway. Spot gold was down less than $2, with a bid at $1,731 and silver was off 13 cents at $32.18 per ounce.