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Precious Metals Demonstrate Surprising Reaction to NFP

December 5, 2015 at 1:22 by Vladimir Vyun

Ahead of nonfarm payrolls, traders were expecting strong employment growth in the United States. The report did not disappoint, showing an increase by 211,000, which was even a bit bigger than expectations. The dollar was relatively strong following the release.

Yet precious metals demonstrated a surprising reaction to the news, rallying strongly. Usually, metals suffer after positive reports from the United States and subsequent strengthening of the US currency. But it was not the case during the Friday’s trading session as prices for metals rose smartly.

February contract for delivery of gold climbed 2.16 percent to $1,084.1 per troy ounce on COMEX yesterday. March futures for silver advanced as much as 3.32 percent to $14.55 per ounce. Spot price for platinum surged 3.85 percent to $879.45 per ounce. Palladium logged a whooping 5.32 percent gain to $567.25 per ounce.

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

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