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Precious Metals Soar on Back of Lackluster NFP

November 7, 2014 at 19:18 by Vladimir Vyun

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 worse-than-expected employment report from the United States.

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.

If you have any questions and comments on the commodities today, use the form below to reply.

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