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    JM Bullion Gold and Silver Market Update (6/30/16)

    Gold Spot Price Open: $1,328

    Gold Spot Price Close: $1,325

    Change in Gold Spot Price: -$3

    Silver Spot Price Open: $18.46

    Silver Spot Price Close: $18.70

    Change in Silver Spot Price: +$0.24

    Precious metals finished the day mixed, and silver surged to close out the day. When all was said and done, gold lost roughly 3 dollars while silver ended up gaining more than 20 cents. Platinum and palladium both gained on the day, with both metals picking up close to 5 dollars each.

    Weekly Jobless Claims Rise Slightly

    After a few consecutive weeks’ worth of upbeat data, this week’s jobless claims report came back showing that first-time claims for unemployment benefits are on the rise. This week’s report, which actually looks at data from last week, showed that first-time claims rose by roughly 10,000, bringing the new seasonally-adjusted average to 269,000. This is not necessarily a great sign, but to be fair this report was mostly ignored by the marketplace. In addition, last week’s report was revised upward such that the seasonally-adjusted average moved up to0 259,000.

    As for the four-week moving average of jobless claims, which is often viewed as the most accurate depiction of the current employment situation in the United States, was left unchanged from last week to this week. The 4-week seasonally-adjusted average number of claims is sitting right around 266,000.

    The Labor Department did not make mention of any specific factors that influenced today’s data, and this is a major part of the reason investors did not have much of a reaction to it. While only a few weeks ago these jobless claims reports were determined to be extremely important because of the influence they might have on the future of interest rates, we are now seeing investors be less and less interested in them simply because people are coming to terms with the fact that rate hikes may not be coming anytime soon.

    Gold on Track for Best Month Since February

    Gold, and silver for that matter, is going to finish the month of June having posted substantial gains over the past 4 weeks. Of course, if you have been paying attention you know that most of these gains have taken place over the course of the past week and a half or so.

    Though metals have calmed down from their gains last week, we are seeing them solidify positions above key psychological thresholds, and that alone may be enough to drive spot values even higher. According to Afshin Nabavi, of MKS, “Gold is making a solid base around $1,300-1,305. $1,300-1,350 seems to be the current range. If it can hold here a few more days, we may see physical demand kick in.”

    For the month of June, gold was up by more than 8.5% and is presently on course to have posted gains through the first and second quarters of 2016. As for silver, the 2nd quarter of 2016 will mark its biggest quarterly performance in almost half of a decade. It will be intriguing to see if performances like this can be built upon in the coming months. With that said, it is never going to be easy seeing as July and August are two of the slowest months of the year as far as economic data is concerned.

    Wrap-Up

    With investors in the United States gearing up to celebrate the July 4th holiday, we are already witnessing a quieter global marketplace. This is not helping gold and silver at all, but it seems as though spot values are safe as plenty of factors and a lot of momentum is behind both gold and silver at the current moment.

    Disclaimer: All Market Updates are provided as a third party analysis and do not necessarily reflect the explicit views of JM Bullion Inc. and should not be construed as financial advice.

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