Silver Price Jumps, Gold Up Slightly as Payrolls Beat Forecasts - Gainesville Coins News
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Silver Price Jumps, Gold Up Slightly as Payrolls Beat Forecasts

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Silver Price Jumps, Gold Up Slightly as Payrolls Beat Forecasts

Precious metal prices rose today despite a steady U.S. dollar.

The gold price inched 0.1% higher Wednesday, up to around $1,305 per ounce.

Silver prices jumped 1.3% (+21¢) to $16.35/oz in early action.

Palladium also surged, adding $24 (+2.5%) to trade back at $965/oz.

Platinum was mostly unchanged just above $890/oz.

Even as gold prices have been stuck between $1,300 and $1,350 for the past four months, gold ETFs have consistently seen strong inflows so far this year.

ADP Payrolls, Apple Earnings Exceed Expectations

employmentThe ADP payrolls report showed 204,000 jobs were added in the U.S. during April.

It was the sixth straight month of private-sector job growth above 200,000.

Continued strength of the labor market has provided part of the rationale for the Fed's gradual normalization of interest rates.

This month's FOMC meeting concludes this afternoon, but no rate hike is expected until June.

Bonds were down around the globe.

The 10-year T-note yield rose almost four basis points yesterday to 2.97%. However, the yield curve continues to flatten as the 2-year Treasury bill yield hit a nine-year high.

Meanwhile, the U.S. government continues to aggressively issue new bonds to cover the widening budget deficit.

Stocks on Wall St were mixed but mostly unchanged this morning.

The Dow Jones ended in the red for the third straight session on Tuesday. Both the S&P 500 and the Nasdaq closed higher.

Shares of tech giant Apple got a lift after the company beat profit estimates and announced plans for a $100-billion stock buyback.

Greenback Finally Breaks Even YTD, Oil Slides

The dollar's recent rally has pulled the currency into positive territory year-to-date for the first time in 2018.

Forex markets saw almost no movement in early trading Wednesday. The pound sterling was flat at $1.36 and the yen held at ¥109.9 per USD.

The euro slipped 0.2% to remain below $1.20, matching its 2018 low. The DXY index was also off about 0.1% to 92.35 this morning.

Crude oil prices sank 2% Tuesday. Still, both the WTI (+5.6%) and Brent (+7.7%) benchmarks posted big monthly gains in April.

Despite production cuts by OPEC members staying in place, global output has been strong. The Energy Information Agency (EIA) reported that oil production in the U.S. is currently at an all-time high, rising above 10 million barrels per day.

Trade news has focused on American tariffs, especially against Chinese imports, but animosity between the U.K. and EU hasn't abated, either.

The uncertainty over how customs will be assessed on goods flowing between Britain and Europe after Brexit is finalized could threaten the future of U.K. Prime Minister Theresa May's government.

 

The opinions and forecasts herein are provided solely for informational purposes, and should not be used or construed as an offer, solicitation, or recommendation to buy or sell any product.

About the Author

Everett Millman

Everett Millman

Analyst, Commodities and Finance
Managing Editor

Everett has been the head content writer and market analyst at Gainesville Coins since 2013. He has a background in History and is deeply interested in how gold and silver have historically fit into the financial system.

In addition to blogging, Everett's work has been featured in CoinWeek, Advisor Perspectives, Wealth Management, Activist Post, and has been referenced by the Washington Post.

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