Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities


Good US Data Results in Rally of Precious Metals

February 1, 2013 at 21:35 by Vladimir Vyun

Precious metals rallied today as positive data from the United States spurred talks that stimulus from the Federal Reserve may bolster economic growth and inflation, increasing demand for the metals as a result. US nonfarm payrolls grew by substantial 157,000 in January. While the unemployment rate ticked up a little to 7.9 percent, the employment data was received by markets well.

Other reports were also good. The University of Michigan Sentiment Index unexpectedly edged up from 72.9 in December to 73.8 in January. The ISM manufacturing PMI showed another pleasant surprise, rising to 53.1 percent last month from 50.7 percent the month before.

April futures for delivery of gold rallied $8 (0.48 percent) to $1,670.10 per troy ounce as of 21:00 GMT on COMEX today. March future for silver delivery jumped as much as $0.59 (1.88 percent) to $31.95 per ounce, posting the biggest gain among 24 commodities of the Standard & Poor’s GSCI Spot Index. Platinum advanced $9.15 (0.54 percent) to $1,686.45 per ounce and palladium went up $12.95 (1.74 percent) to $755.50 per ounce.

If you have any questions and comments on the commodities today, use the form below to reply.

Leave a Reply