Live Spot Gold
SPOT MARKET IS OPEN
closes in 5 hrs. 48 mins.Feb 05, 2020 11:12 NY Time
| Bid/Ask | 1557.70 / 1558.70 | |
| Low/High | 1547.20 / 1563.10 | |
| Change | +5.00 | +0.32% |
| 30daychg | -7.50 | -0.48% |
| 1yearchg | +242.90 | +18.47% |
| Alerts Charts |
Silver Price & PGMs
Feb 05, 2020 11:12 NY TimeKitco 10AM Silver Fix
| Silver | 17.59 | +0.04 |
| Platinum | 976.00 | +14.00 |
| Palladium | 2314.00 | -4.00 |
| Rhodium | 9500.00 | +100.00 |
Click on the metal names to
see the associated charts
( Kitco, Wed. Feb 5th, 2020) – Gold and silver prices are slightly down in early U.S. futures trading Wednesday, and saw a mild corrective bounce overnight erased by a strong U.S. economic report just released. The safe-haven metals continue to be squelched by strong rallies in global stock markets this week, led by the U.S. stock indexes that are at or near record highs again. February gold futures were last down $0.70 an ounce at 1,555.10. March Comex silver prices were last up $0.014 at $17.575 an ounce.
The just-released ADP national employment report for January came in at up 291,000, which was much higher than the forecast rise of 150,000. This report is a precursor to Friday morning’s more important jobs report from the Labor Department. Non-farm payrolls in that report are forecast at up around 160,000 in January. However, today’s strong ADP number has many now thinking Friday’s non-farm jobs number will be solid, too.
Global stock markets are in full rally mode at mid-week, as Asian and European shares pushed higher as traders and investors have pushed aside earlier concerns about the coronavirus outbreak in China significantly denting world economic growth. The marketplace is reacting to the rate of spread of the illnesses slowing down, even though total numbers of those afflicted is rising. There are also reports that a drug is being developed to counteract the virus.
U.S. stock indexes are pointed toward sharply higher openings when the New York day session begins and are at or near their record highs. As is many times the case, an unexpected shock to the marketplace is initially deemed by traders as being close to a worst-case scenario and market prices react accordingly. Then, such turns out not to be the case, as is apparently so with the coronavirus outbreak.
The marketplace this week sees it as especially encouraging that China’s central bank stepped in an provided significant liquidity to China’s financial system, specifically by reducing short-term lending rates with the influx of funding. The effort was in response to the coronavirus outbreak’s negative impact on China’s businesses.
Posted by ,
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com