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US Nonfarm Payrolls Make Oil Stronger, Gold & Silver Weaker

June 6, 2014 at 21:59 by Vladimir Vyun

US nonfarm payrolls grew in line with expectations, leading to a rally of US stocks to a record. The data was perceived as an evidence of robust economic growth in the United States. This allowed crude oil to gain, driving gold and silver down at the same time.

US employers added 217,000 jobs in May, matching analysts’ forecasts. The unemployment rate remained at 6.3 percent, near the lowest level in 6 years, even though forecasters promised an increase to 6.4 percent. The Standard & Poor’s 500 Index of shares rose 0.5 percent to 1,949.44 today.

August futures for gold slipped $0.40 (0.03 percent) to $1,252.90 per troy ounce on COMEX today. Silver contract lost $0.07 (0.38 percent) to $19.01 per ounce. WTI crude oil rallied $0.28 (0.27 percent) to $102.76 per barrel on NYMEX. Futures on Brent crude went up $0.04 (0.04 percent) to $108.83 per barrel on ICE.

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