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Metals Under Pressure from Rising Dollar As US Unemployment Sinks

April 4, 2019 at 16:26 by Vladimir Vyun

Metals fell today, hurt by the rally of the US dollar, which put pressure on dollar-denominated commodities. Usually, metals, and gold in particular, trade inversely to the US currency. Surprisingly, platinum managed to avoid losses, posting huge gains. The greenback rallied after US jobless claims dropped unexpectedly, reaching the lowest level in almost 50 years. Now, traders wait for tomorrow’s nonfarm payrolls. Analysts predicted that the report will show a decent growth by 175,000 in March following the abysmal reading of 20,000 in February. Worryingly, forecasts also promised wage inflation to slow from 0.4% to 0.2%.

Futures for delivery of gold in June declined 0.22% to $1,292.5 per troy ounce as of 16:06 GMT on COMEX today. May contract for silver dropped 0.25% to $15.07 per ounce. Spot price for palladium sank as much as 3.01% to $1,366.85 per ounce, but platinum managed to soar by 3.24% to $897.58 per ounce. Copper for delivery in May lost 1.09% to $2.9165 per pound on COMEX.

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