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Precious Metals Move Higher as NFP Fail to Deliver

May 6, 2016 at 15:35 by Vladimir Vyun

Prices for precious metals jumped more than 1% today as US nonfarm payrolls missed expectations. US employers added just 160,000 jobs last month, whereas experts had promised an increase by more than 200,000. The worse-than-expected data decreased chances for an interest rate hike from the Federal Reserve this year.

The news hurt the US dollar. As it Big Bounce House often happens, metals moved in the opposite direction to the US currency.

Futures for delivery of gold in June climbed 1.61% to $1,292.8 per troy ounce as of 15:28 GMT on COMEX today. July contract for silver advanced 1.09% to $17.52 per ounce. Spot price for platinum moved up as much as 1.58% to $1,079.1 per ounce while palladium gained 1.28% to trade at $605.92 per ounce.

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