Both gold and silver opened down sharply today, as a stronger dollar pushed both metals to 30-day lows. Gold is presently off $37.55, and is sitting at $1,678.25. Silver has shed $1.35, and sits at $30.92. These prices are as of 1:45 PM EST.
The consensus on these moves seems to be that US non-farms payrolls data will show that the economy added 125,000 jobs last month, although unemployment rose to 7.9%.
This stronger than expected data drove the USD higher, and thus gold and silver spot prices lower.
Beyond the direct relationship between dollar strength and metal prices, the stronger US economic data reduces the likelihood of further economic easing, which has been the strongest driver of gold and silver price rises over the past few years.
We will monitor prices the rest of the day and publish our closing report with any updates.
