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Gold & Silver Surge on NFP, Aluminum Heads to Weekly Gain

April 4, 2014 at 16:57 by Vladimir Vyun

Gold and silver rallied today after US nonfarm payrolls trailed analysts’ expectations. Economists have counted on jobs growth by about 200,000. In reality, US employers added 192,000 jobs in March. The difference between expectations and the actual value was not that big but it was enough to lead to speculations that the Federal Reserve will keep monetary stimulus for some time. Such talks are positive for precious metals. June contract for delivery of gold climbed as much as $21.2 (1.65 percent) to $1,305.8 per troy ounce as of 16:44 GMT on COMEX today. May silver surged $0.34 (1.69 percent) to $20.14 per ounce.

Aluminum gained on signs of shrinking supply and growing demand. Nickel advanced too. Alcoa Inc., the third largest producer of aluminum in the world, announced last week that it is going to reduce output because of rising costs and falling profitability. Meanwhile, orders for withdrawal of the metal from warehouses belonging to the London Metal Exchange jumped to a record. Contract for delivery of aluminum in three months gained 0.6 percent to $1,845 per metric ton on LME today, extending the weekly rally to 4.9 percent. Nickel reached $16,591 per ton, the strongest price since April 2, 2013.

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