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  - 01/19 10:20:26 pm
1013.17 USD   +1.18%
01/18 LONMIN : Platinum miner Lonmin's lenders relax loan agreements again
01/17 Gold Prices Turn Up as Dollar Turns Down
01/17 Gold Prices Turn Up as Dollar Turns Down
SummaryQuotesChartsNewsAnalysis 
News SummaryAll newsTweets

Gold Falls on Dollar Strength After U.S. Jobs Report

share with twitter share with LinkedIn share with facebook
share via e-mail
0
11/03/2017 | 04:38pm CET
By Amrith Ramkumar and David Hodari 

Gold prices fell Friday with the dollar rising after the latest jobs report.

Futures for December delivery recently were recently down 0.9% at $1,267 a troy ounce on the Comex division of the New York Mercantile Exchange after initially trading little changed on the day immediately following the 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 up 0.3%. 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 0.9% to $3.135 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]

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on PLATINUM
01/18 LONMIN : Platinum miner Lonmin's lenders relax loan agreements again
01/17 Gold Prices Turn Up as Dollar Turns Down
01/17 Gold Prices Turn Up as Dollar Turns Down
01/16 HARMONY GOLD MINING : 1st Half FY18 Gold Production Higher Than in 2nd Half FY17
01/03 METALS : Gold Falls as Fed Considers Faster Pace of Rate Increases
01/03 METALS : Gold Rises as Investors Await Fed Minutes
01/03 Electric Cars Charge Up Cobalt -- WSJ
01/01 Miners Wager on a Charge in Demand for Canadian Cobalt
2017 ANGLO AMERICAN : Mining Deal Maker Labors in Frugal Era -- WSJ
2017 ANGLO AMERICAN : Mining World's Ultimate Deal-Maker Struggles in New Frugal Era
More news
Chart PLATINUM
Duration : Period :
Platinum Technical Analysis Chart | 4-Traders
Technical analysis trends PLATINUM
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral