Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Commodities  >  Platinum       

PLATINUM
Mes dernières consult.
Most popular
SummaryQuotesChartsNewsAnalysis 
News SummaryAll newsTweets

Dollar Rally Weighs on Gold Ahead of Jobs Report

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/02/2018 | 12:42pm CEST
By David Hodari 

LONDON--Gold prices were pushed lower by a rallying dollar Friday, and were on course for a weekly loss ahead of the release of key U.S. jobs data.

The precious metal fell 0.25% to $1,345.60 a troy ounce in midmorning trade.

The price of copper, meanwhile, was down 0.13% at $7,107.50 a metric ton, with currency moves eroding this week's gains.

The WSJ Dollar Index, which measures the currency against a basket of 16 others, was last 0.29% higher, but still down by 3.18% so far in 2018. A stronger U.S. currency makes dollar-denominated commodities more expensive for holders of other currencies.

Gold's recent gains--the haven asset is up 3.3% year-to-date--have come in the wake of that sharp decline in the dollar, Commerzbank analysts said in a note.

The precious metal began to fall after ADP employment data out of the U.S. on Thursday signaled robust growth in the U.S. labor market.

With U.S. nonfarm payroll numbers due out later Friday, those Thursday data suggest the official statistics "will be good, which could weigh on the gold price in the form of a stronger dollar," the Commerzbank analysts said.

Economists surveyed by The Wall Street Journal estimate nonfarm payrolls rose by 177,000 in January while the unemployment rate continued to hover at 4.1%, its lowest level since December 2000.

Nonfarm U.S. jobs data are often seen as a bellwether for future Federal Reserve interest rate policy.

The dollar's recent pullback is by no means over, analysts say. But, while "the dollar downtrend has further to go... it's due for a pause as the market rethinks the Fed's policy destination," analysts at Société Générale said in a note.

Among precious metals, silver was down 0.41% at $17.15 a troy ounce, platinum fell 0.95% to $999.40 a troy ounce and palladium rose 0.04% to $1,045.90 a troy ounce.

Among base metals, zinc was down 1.25% at $3,517.50 a metric ton, aluminum was down 0.29% at $2,225.50 a metric ton, tin was up 0.28% at $21,530 a metric ton, nickel was down 1.9% at $13,690 a metric ton, and lead was down 0.77% at $2,644.50 a metric ton.

Ben Leubsdorf contributed to this article.

Write to David Hodari at [email protected]

Stocks mentioned in the article
ChangeLast1st jan.
GOLD -0.60% 1283.09 Delayed Quote.-0.84%
US DOLLAR INDEX 0.18% 93.64 End-of-day quote.1.94%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on PLATINUM
05/15Anglo American to Spin off VC Business -FT
DJ
05/15South African Reserve Bank Approves Sibanye Gold's Proposed Acquisition of Lo..
DJ
04/26IMPALA PLATINUM : Refined Platinum Production Down Due to Tech Issues
DJ
04/25ANGLO AMERICAN PLATINUM : Sells 17.3 Million Shares in Royal Bafokeng
DJ
04/24ANGLO AMERICAN PLATINUM : to Sell a Stake in Royal Bafokeng
DJ
04/24Correction to Anglo American Article
DJ
04/24Anglo American Forecasts $300 Million-$400 Million Reduction in Ebitda for 20..
DJ
04/23Metals Tied to Russia Slide on Softer Sanctions Position
DJ
04/20Stronger Dollar, Higher Treasury Yields Hurt Gold
DJ
04/20Stronger Dollar, Higher Treasury Yields Hurt Gold
DJ
More news
Chart PLATINUM
Duration : Period :
Platinum Technical Analysis Chart | 4-Traders
Technical analysis trends PLATINUM
Short TermMid-TermLong Term
TrendsBearishBearishNeutral