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Daily Resources Overview
Gold is trading near steady,while silver prices are just a bit firmer in early-afternoon trading. An upbeatU.S. economic report released this morning bolstered the keener trader andinvestor risk appetite that is keeping safe-haven gold and silver markets underpressure.
Today’s weekly U.S. joblessclaims report showed claims falling by 10,000, which now puts claims at thelowest level in 50 years. The U.S. dollar indexmoved to its daily high on the news.
Traders and investorsworldwide are still generally upbeat, due in part to optimism the U.S. andChina will soon reach a trade deal. Reports said President Trump will todaymeet with Chinese Vice Premier Liu He in Washington. He is part of theChinese trade delegation in town. Reports say the U.S. and China are very closeto a trade deal. The marketplace is wondering if Trump will today mention asummit meeting with Chinese President Xi Jinping to seal the trade deal. AEuropean report out today said Italian economic growth for 2019 has beenreduced from 1.0% to 0.1%. This could impact the European markets moresignificantly, given Italy’s already fragile financial system. If Italy’sfinancial/economic condition worsens it could prompt some safe-haven demand forgold.
Market watchers are looking ahead to the U.S. Labor Department’semployment report for March, which is due out Friday morning. It’s arguably themost important economic data point of the month. The key non-farm payrollsnumber in the report is forecast to be up 175,000 in March, with theunemployment rate expected to remain at 3.8%. Wednesday’s precursor report, theADP national employment report for March, showed a gain of 129,000 jobs, whichwas a significant downside miss. The payrolls number was forecast to be up173,000. This suggests Friday’s more important jobs report could also be a missto the downside. The key outside markets today see the U.S. dollar indexslightly higher. Meantime, Nymex crude oil prices are near steady and tradingaround $62.50 a barrel. U.S. economic reports due for release Thursday includethe weekly jobless claims report and the Challenger job-cuts report. There arealso several Federal Reserve officials scheduled to give speeches today.