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Precious Metals Trade Below Opening After NFP

July 2, 2015 at 15:30 by Vladimir Vyun

Gold bounced off the day’s lows after the release of US nonfarm payrolls though it was still trading below the opening level. Other precious metals were also down for the day with the exception of silver.

NFP showed growth by 223,000 in June, missing the analysts’ estimate of 231,000. Additionally, wage inflation was close to zero even though economists promised a 0.2 percent increase of average hourly earnings. With unexpected increase of jobless claims and the bigger-than-expected drop of factory orders, the decrease of the unemployment rate was the only positive data from the United States today.

It was not a surprise to see the dollar drop after the slew of bad indicators, helping the dollar-priced commodities to rebound. The drop was not big, though, preventing raw materials from erasing the previous losses completely.

August futures for gold were down 0.5 percent to trade at $1,163.40 per troy ounce as of 15:24 GMT on COMEX today after reaching the session low of $1,158.20 earlier. At the same time, September contract for delivery of silver gained 0.21 percent to $15.61 per ounce. Spot price for platinum went down 0.27 percent to $1,079.45 per ounce, and palladium fell 0.1 percent to $696.23 per ounce.

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