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
Delayed Quote. Delayed  - 06/20 05:12:07 pm
873.32 USD   +0.74%
08:55aPetropavlovsk and IRC Granted Payment Waiver by Lender
DJ
06/19Industrial Metals Slide on Reignited Trade Fears
DJ
06/19Industrial Metals Slide on Reignited Trade Fears
DJ
SummaryQuotesChartsNewsAnalysis 
News SummaryAll newsTweets

Gold Edges Down After U.S. Jobs Report

share with twitter share with LinkedIn share with facebook
share via e-mail
0
11/03/2017 | 03:13pm CEST
By Amrith Ramkumar and David Hodari 

Gold prices swung between small gains and losses Friday after the latest jobs report was mixed.

Futures for December delivery recently were less than 0.1% at $1,278.20 a troy ounce on the Comex division of the New York Mercantile Exchange after falling 0.2% before the jobs report.

Although the Labor Department said the U.S. economy added fewer jobs than expected in October and wage growth slowed, revisions showed the labor market weathered hurricane damage better than previously estimated.

The report is unlikely to change the Federal Reserve's plans to raise interest rates again in December, meaning the outlook for gold was also largely unchanged, said Tai Wong, head of metals trading at BMO Capital Markets. He said he expected gold to continue reacting to moves in other assets such as the dollar, which makes dollar-denominated commodities more expensive to foreign buyers when it rises.

The WSJ Dollar Index, which tracks the U.S. currency against a basket of 16 others, pared earlier losses and was recently down less than 0.1%. Mr. Wong noted the market also was still digesting President Donald Trump's nomination of Jerome Powell as the next Fed chair and the Republican tax plan along with the jobs report.

"Unless there's a big move in the broader markets, I'm not seeing a big day in gold ahead of us," he said.

The dollar rebounding in recent weeks and concerns about the Fed's plans to raise rates gradually moving forward have gold trading roughly 5.6% off its year-to-date high from early September. The precious metal struggles to compete with yield-bearing assets when rates rise. Still, for the year, gold prices are up about 10% and have gotten a boost from geopolitical uncertainty.

Among base metals, copper for December delivery fell less than 0.1% to $3.1415 a pound. Like gold, the industrial metal has largely traded sideways in recent sessions. Still, it sits near three-year highs, boosted by a positive global economic backdrop, strong demand from China -- the world's largest copper consumer -- and the prospect electric vehicles will stoke demand for base metals moving forward.

Write to Amrith Ramkumar at [email protected] and David Hodari at [email protected]

Stocks mentioned in the article
ChangeLast1st jan.
GOLD -0.04% 1274.27 Delayed Quote.-1.64%
US DOLLAR INDEX 0.31% 95.09 End-of-day quote.3.52%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on PLATINUM
08:55aPetropavlovsk and IRC Granted Payment Waiver by Lender
DJ
06/19Industrial Metals Slide on Reignited Trade Fears
DJ
06/19Industrial Metals Slide on Reignited Trade Fears
DJ
06/18Correction to Metals Story
DJ
06/13Tharisa deepens Zimbabwe exposure with platinum deal
RE
06/12JOHNSON & JOHNSON : Accepts Platinum Equity's $2.1 Billion Offer for LifeScan Bu..
DJ
05/31Sibanye Dismisses 'Unwarranted' Debt Fears, Backs Lonmin Deal
DJ
05/30FRESNILLO : on Track for 2018 Production Targets
DJ
05/22Anglo American PLC's De Beers Group Sold $550 Million of Diamonds in Fourth C..
DJ
05/15Anglo American to Spin off VC Business -FT
DJ
More news
Chart PLATINUM
Duration : Period :
Platinum Technical Analysis Chart | 4-Traders
Technical analysis trends PLATINUM
Short TermMid-TermLong Term
TrendsBearishBearishBearish