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Metals Decline After US Nonfarm Payrolls

March 6, 2015 at 15:27 by Vladimir Vyun

Metals, both precious and industrial, dropped today after the release of US nonfarm payrolls. Earlier, gold attempted to rally but failed after US employment data came out even better than optimistic predictions.

According to the report, nonfarm employment grew by 295,000 in February compared to the forecast of 240,000. The unemployment rate fell to the lowest level in six and a half years.

The data led to speculations that the Federal Reserve will hike interest rates sooner rather than later. Such talks led to a rally of the US dollar. As it often happens, metals suffered when the greenback strengthened.

April futures for delivery of gold sank 1.52 percent to $1,178 per troy ounce as of 15:24 GMT on COMEX today. May contract for silver lost 1.66 percent to $15.89 per ounce. Spot price for platinum declined 1.53 percent to $1,161.75 per ounce while palladium fell 0.96 percent to $818.75 per ounce. May copper went down 1.13 percent to $262.25 per pound.

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