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Precious Metals Gain as Nonfarm Payrolls Miss Predictions

September 2, 2016 at 17:35 by Vladimir Vyun

Gold and other precious metals rallied today after US nonfarm payrolls logged worse-than-expected results. The news was negative for the dollar and thus positive for metals, which often trade inversely to the US currency. It is interesting to note that the metals preserved gains even after the greenback bounced.

Over the longer term, the outlook for metals remains pessimistic. While the poor data reduced chances for an interest rate hike from the Federal Reserve in September, the Fed is Giant Bounce House likely to hike rates sometime in the future. In fact, it is still possible that the central bank will raise borrowing costs by the end of the year.

December futures for gold were up 0.68% to trade at $1,326 per troy ounce as of 17:25 GMT on COMEX today. Silver added as much as 2.15% to its value to $19.35 per ounce. Spot price for platinum increased by 0.86% to $1,057.13 per ounce, and palladium rose 0.72% to $671.92 per ounce.

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