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Precious Metals Down After US Nonfarm Payrolls

June 5, 2015 at 16:42 by Vladimir Vyun

Precious metals were down today following the release of US nonfarm payrolls. The report was hugely positive, showing that US employment expanded by 280,000 in May, exceeding even optimistic forecasts. The data led to a big rally of the dollar, hurting commodities priced in the US currency.

Gold, as well as other precious metals, usually trade inversely to the greenback. The employment data has made the long-term outlook for the currency rather bright, meaning that gold bulls have few reasons to be optimistic. Concerns about the situation with Greece might have bolstered the metal in its role of a safe haven, but for now they play more in favor of the dollar.

August futures for delivery of gold dipped 0.65 percent to $1,167.60 per troy ounce as of 16:39 GMT on COMEX today, reaching the lowest level in more than a month. July contract for silver declined 0.36 percent to $16.05 per ounce. Spot price for platinum lost 0.79 percent to $1,091.35 per ounce, and palladium fell 0.60 percent to trade at $751.55 per ounce.

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