Gold and silver are trading slightly up today despite an increase in investor risk-appetite. The tumultuous situation in Ukraine seems to be calming down, though it is far from resolved. Reports say that leaders from Ukraine, Russia, and the West are scheduled to meet in Paris to discuss possible solutions to the unrest and collapsing government of Ukraine.
Also released today was the latest non-farm payrolls data from this past February. Finally, investors were greeted in the early morning hours with a report that China has increased its forecast for economic growth this year.
February Jobs Data, Chinese Growth Forecast
Before this week got underway, the investing world was primarily concerned with how the situation in Ukraine would play out over the next few days. While this is still a primary concern for investors, the latest jobs data from this past February was vying for investor attention as well. The market was expecting to see about 150,000 jobs added in February, but were instead greeted by a report that claimed only 139,000 jobs were added a month ago. Though this number is only slightly lower than market expectations, it worked in the favor of precious metals and gave them a slight boost. This marks the third consecutive month in which non-farm payrolls data came back weaker than the expectations of the market.
In the news on the opposite side of the globe was a report that China has upped its expectations for economic growth this year. Now, the Chinese are expecting their economy to grow by about 7.5%. This number is confusing to some who have witnessed nothing but sub-par economic data thus far this year. Nonetheless, the world’s largest consumer of precious metals on an annual basis is expecting 2014 to be a wholly positive year.
As we head into the last few days of the week, the attention of the investing world will continue to be laid directly upon the situation in Ukraine. Safe-haven demand is still strong, but is quickly receding as tensions in Ukraine decline more and more with each passing day.