Precious Metals Market Review by Bill Musgrave – American Gold Exchange
Gold slid 0.9%, closing just under $1,160 as the dollar rebounded from Friday’s losses and global equities traded higher, eroding demand for alternative assets.
The dollar recovered losses on Friday, when U.S. non-farm payrolls reported fewer jobs created in October than forecast. The disappointing employment data led traders to speculate that the Fed would be less inclined to raise interest rates before mid-2015. This sentiment was somewhat offset today by data from the Fed signaling positive momentum in the labor markets. Separately, the Conference Board’s index of employment trends rose in October, suggesting more job growth this winter.
The Global Dow gained 0.4% behind higher-then-expected corporate earnings and improving investor sentiment in the Eurozone. The Dow added 0.2% and the S&P 500 0.3% while Treasury prices fell along with gold.
The other precious metals tracked gold lower, with silver dropping nearly 0.3% while platinum and palladium retreated by 0.5% and 0.8%, respectively.
At the Comex close: December gold slid $10 to $1,159.80; December silver fell 4 cents to $15.67; January platinum lost $5.90 to $1,206.90; and December palladium retreated $6.30 to $766.25 an ounce.
