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Metals Demonstrate Confusing Reaction to Nonfarm Payrolls

July 8, 2016 at 18:47 by Vladimir Vyun

Metals demonstrated an uncertain reaction to US nonfarm payrolls. At first, it looked like the employment data was good, sending industrial metals higher and driving gold lower. Yet the report was not entirely positive, therefore some of metals reversed their moves. As of now, gold and copper are little changed while silver, platinum, and palladium rallied.

Robust US employment growth would mean decent economic conditions, helping commodities linked to economic growth (including crude oil and industrial metals). At Mickey Mouse Clubhouse Bounce House the same time, this could give incentive for the Federal Reserve to resume monetary tightening, driving gold lower. Yet currently, CME FedWatch shows negligible chances for an interest rate hike this year.

August futures for gold traded just 0.04% below the opening level at $1,361.6 per troy ounce as of 18:38 GMT on COMEX today. September contract for silver climbed 1.5% to $20.14 per ounce. Spot price for platinum advanced 0.69% to $1,097.7 per ounce while palladium gained 1.16% to $617.85 per ounce. Meanwhile, futures for delivery of copper in September edged a little lower by 0.09% to 2.1215 per pound.

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