Higher Interest Rates, A Stronger U.S. Dollar, And Cheaper Oil Is Pressuring Gold

GOLD

Today, we saw a bunch of negative factors causing the Gold price to initially drop to $1,917 per ounce. Higher interest rates, U.S. Dollar Index, and crude oil dropping below $100 per barrel put pressure on the Gold price from the opening of trading. It was also reported by the Bureau of Labor Statistics today that March’s Non-farm payrolls grew by 431,000 and the unemployment rate dipped down to 3.6%. Economists had forecasted 490,000 on payrolls and 3.7% for the unemployment level. At 11am PT today, Gold is trading at $1,921 per ounce, down $26 on average volume.

SILVER

Silver moved up and down with the Gold market today, showing strong resistance at the important $25 per ounce level. Silver did find excellent bargain buying above the $24.50 level with good demand. At 11am PT Today, Silver is down $0.35 per ounce, trading at $24.60 on normal volume.