Precious metals shoot to the upside today after the initial losses at the start of the current trading session. Metals were able to log gains with the help of
US nonfarm payrolls expanded by 214,000 jobs in October — not a bad reading but still below market expectations. Surprisingly, the unemployment rate edged down by 0.1 percentage point to 5.8 percent, while analysts expected no change.
The data made traders rethink their expectations for Federal Reserve’s monetary policy. Previously, market participants were counting on an early rate hike from the Fed. Now, they consider the possibility that the US central bank will refrain from early monetary tightening.
December futures for delivery of gold jumped 2.37 percent to $1,169.70 per troy ounce as of 19:06 GMT on COMEX today. Silver inched higher by 1.83 percent to $15.70 per ounce. Spot price for platinum rose 0.82 percent to $1,217.00 per ounce. Palladium advanced as much as 3.23 percent to $775.38 per ounce.
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