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Thursday, May 07, 2015

Moderate losses for bullions

Separate comments from two Federal Reserve officials impacts prices 


Bullion prices ended the U.S. day session modestly lower on Wednesday, 06 May 2015. A downbeat U.S. economic report and bullish “outside market” forces on this day could provide no upside support to gold and silver. Gold futures settled modestly lower on Wednesday as separate comments from two Federal Reserve officials outweighed a lower-than-anticipated reading on private-sector employment. 

Gold for June delivery shed $2.90, or 0.2%, to settle at $1,190.30 an ounce on Comex, following gains over the past two trading sessions. 

July silver fell 7.3 cents, or 0.4%, $16.506 an ounce. 

Prices turned south in the wake of comments from U.S. Federal Reserve Chairwoman Janet Yellen and Atlanta Fed President Dennis Lockhart, who spoke at separate events Wednesday. Gold had been showing a modest loss in early trading, then rallied and seesawed after the latest data on U.S. private-sector jobs. 

The U.S. ADP national employment report for May came in at up 169,000, which is a miss to the downside. A rise of 205,000 was expected. That report is leading to ideas Friday's jobs report from the Labor Department will be weaker than initially expected. Friday's U.S. employment report for April is expecting to see the key non-farm payrolls number come in at up 220,000. 

The key “outside markets” on Wednesday saw Nymex crude oil futures prices higher and hit a new five-month high above $62.00 a barrel. The U.S. dollar index was sharply lower and hit a new 3.5-month low on Wednesday. These two markets are presently in a combined bullish technical posture for the precious metals and the entire raw commodity sector. 
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