3/6/2015 8:43:08 AM By: Jennifer Carter

 

GOLD DROPS ON STRONG JOB REPORT

Gold fell nearly 1 percent after the U.S. employment report showed the unemployment rate dropped to 5.5 percent, marking the fifth weekly decline as the dollar rose near an 11-year high. However,  markets believe a strong U.S. jobs report could spur the Federal Reserve to raise interest rates, which would boost the dollar and in turn hurt demand for Precious Metals.

The dollar is a major factor in U.S. oil prices. " Given the higher production cost for shale oil, we view that the supply-demand matrix will adjust itself accordingly to eventually lift oil prices to at least the estimated production cost," Oversea-Chinese Banking Corporation analysts said in a note.  Investors are watching talks with Iran, as any agreement will affect the oil supply due to Iranian crude oil returning to the market.

At 08:42 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,178.50 Down $20.50
• Silver, $15.91 Down $0.03

 

 

Gold Price Marks Time at Fibonacci Level

 

March 05, 2015 - 17:38:17 PST

Could Apple Buy A Third Of The World' s Gold?

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3/5/2015 11:00:05 AM By: Marcey Hollon

GOLD FLAT AHEAD OF ECB NEWS, U.S. JOBLESS CLAIMS

While the European Central Bank has held interest rates at record lows, it is expected to detail its 1 trillion euro quantitative easing plan during today' s press conference. These details, as well as key U.S. economic data expected Friday, keep investors cautious. U.S nonfarm payrolls numbers could affect the timing of the Federal Reserve' s interest rate hikes. " At some point Gold is going to have to shrug off the interest hike theme, but we still think though that there are always people that won' t believe it until it happens," Macquarie analyst Matthew Turner said.

New U.S. unemployment benefit claims rose this week to their highest level since May, raising concerns about labor market weakness. " We suspect the pattern reflects the weather rather than fundamental deterioration. That said, we will, of course, be on watch for the possibility that the rise in the last two weeks marks a change in the trend," Frequency Economics chief U.S. economist Jim O' Sullivan said. Public holidays and snowy weather may have kept the claims level volatile. However, the trend of a strengthening labor market has remained consistent.

 

At 11:57 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,204.60 Up $0.90
• Silver, $16.31 Up $0.08

 

 

 

 

3/3/2015 12:14:45 PM By: Lorrie Freeman

 

Gold recovered Tuesday morning after briefly dropping below $1,200 an ounce. " Prices...seem to be forming a nice technical base in the low $1,190s," Deutsche Boerse&rsquo s MNI senior analyst Tony Walters said. NRC Commodities analyst Andrey Kryuchenkov reiterated this statement, saying, " Gold...clearly found some support around $1,200 [per ounce] at the start of this month and people are still looking at U.S. data." Non-farm payroll numbers and the launch of money printing by the European Central Bank will have investors closely watching the market.

Gasoline prices are expected to increase another 10 percent before peaking in the spring. " I do suspect that March will probably deliver the largest increases," GasBuddy.com Chief Oil Analyst Tom Kloza said. " I think they top out, and then I think they drop back." Gas is averaging $3.41 per gallon nationally, which is up 6 cents from last week, according to AAA. Unleaded gasoline is expected to rise to a national average of $3.70 per gallon by Easter, April 20. " The worry I have for the summer is hurricane season. We have not had a hurricane strike the U.S. since we have been an export country. We export 1.3 million barrels of diesel and probably looking at exports of gasoline that are 700,000 barrels a day," Kloza added.

At 1:12 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,207.70 Down $3.30
• Silver, $16.34 Down $0.18

 

By  Florian Grummes  -  March 2, 2015

The model is in a " soft " sell mode. A move above US$1,313 would probably signal the end of the bear market in gold. Seasonality remains weak until June. CoT-Data suggests that Gold needs more corrective price action before a contrarian buy signal will flash.

 

3/2/2015 9:11:50 AM By: Paul Stevens

 

METALS ON RISE AHEAD OF ECONOMIC DATA

Precious Metal prices are on the move Monday morning as Gold rose to its highest level in nearly two weeks.  As investors prepare for the release of important economic data this week,  Gold received a boost from a surprise move out of China.  The world' s second largest Gold market decided to cut interest rates, which in turn lifted Gold' s safe haven demand. Mitsubishi Corp strategist Jonathan Butler said, " Anything that helps stimulate consumer spending is Gold favorable because there are more chances of higher purchases of consumer jewelry and Gold bars."

As investors continue to digest economic news out of China and await this week' s economic data, oil continues to struggle. Slipping under $61 per barrel, oil prices lost more than 2 percent Monday as the U.S. dollar showed signs of strength and Libya increased its crude oil output.  With an over-supply in the market, some analysts are expecting an uphill climb. Commerzbank senior oil and commodities analyst Carsten Fritsch told Reuters Global Oil Forum, " All in all the market is still over-supplied by a wide margin. We expect Brent [crude] to come under pressure again in Q2."

At 10:11 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,214.60 Down $1.10
• Silver, $16.62 Up $0.00