Gold managed to carve out gains in Wednesday’s choppy trading, while other metals, both precious and industrial, slumped. The likely reason for such behavior was the escalation of protectionist rhetoric in the United States and China. While both countries expressed willingness to negotiate and continue trading, uncertainty and prospects for trade wars made investors seek a safe haven.
Now, traders wait for US nonfarm payrolls due to release on Friday. While experts have predicted a somewhat sluggish growth by 190,000 jobs, the
Futures for delivery of gold in June edged up 0.24% to $1,340.5 per troy ounce as of 17:32 GMT on COMEX today. At the same time, May contract for silver declined 0.77% to $16.27 per ounce. Spot price for platinum lost 1.03% to $915.78 per ounce, while palladium fell 0.96% to trade at $925.27 per ounce. May copper subtracted as much as 1.8% from its value to $3.0085 per pound.
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