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Gold Edges Higher, Other Metals Slip Amid Trade War Tensions

April 4, 2018 at 17:43 by Vladimir Vyun

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 better-than-expected private employment report released by Automatic Data Processing today suggested that the government report may come out above expectations. If that is the case, dollar-denominated commodities, including metals, will likely suffer.

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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