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Precious Metals Mixed as NFP Provide No Direction

November 4, 2016 at 19:31 by Vladimir Vyun

Futures for gold were little changed today as US nonfarm payrolls were neither particularly good, nor bad, giving markets no direction. Meanwhile silver dropped a little. At the same time, platinum rose, and palladium logged solid gains.

Earlier this week, the Federal Reserve signaled that time for another interest rate hike is nearing. Chances for a hike in December are a bit lower than before as shown by the CME FedWatch page. Still, at 71.5% they are substantial enough to be a negative factor for precious metals.

Yet the upcoming US elections overshadowed the Fed policy for the time being. Donald Trump gained support according to polls, closing in to Hillary Clinton in the presidential race, after the Federal Bureau of Investigation reopened probe into Clinton’s emails. That is negative for the dollar (as Trump presents uncertainty for financial markets), therefore positive for the market of metals.

December futures for gold traded little changed at about $1,304 per troy ounce as of 18:17 GMT on COMEX today. Contract for silver fell 0.25% to $18.37 per ounce. Spot price for platinum was up 0.46% to $1,000.75 per ounce, and palladium rallied 0.98% to $625 per ounce.

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