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

Metals : Gold Erases Gains on Positive Jobs Data

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/05/2017 | 09:11pm CET
By Stephanie Yang and David Hodari 

Gold prices fell to a one-month low Friday after U.S. jobs data showed stronger-than-expected employment in April.

Gold for June delivery settled down 0.1% at $1,226.90 a troy ounce on the Comex division of the New York Mercantile Exchange, reversing course after edging higher early Friday morning.

The U.S. economy added 211,000 jobs in April, exceeding economist expectations of 188,000. The unemployment rate fell to 4.4%, the lowest level since May 2007. The strong data reinforced beliefs among traders that the Federal Reserve will raise interest rates at the coming June meeting.

"Overall there's nothing in this report that would make the Fed think twice about a June hike," said Tai Wong, head of metals trading at BMO Capital Markets.

According to the CME's FedWatch tool, 83% of traders expect the Fed to raise rates in June. Higher rates tend to weigh on gold, which accumulates no interest and struggles to compete with yield-bearing assets when borrowing costs rise.

Gold has sold off in recent sessions as the market increasingly expects higher interest rates in the coming months. Prices are on track to close at the lowest level since March 15. Prices closed at the lowest level since March 15. Silver prices have been hit hard as well, with futures for July delivery falling for nine consecutive sessions, closing at the lowest since December 30.

Meanwhile, copper futures for July delivery bounced back from recent losses, settling up 0.7% to $2.5285 a pound in New York.

Base metals prices, particularly copper, received heavy blows Wednesday and Thursday after weak Chinese manufacturing purchasing managers index data and leaping global copper inventories combined with fears about Chinese industrial demand to drag on steel prices and the rest of the industrial metals complex by proxy.

"It may be that the inflow pressure has run its course for the moment," FastMarkets' William Adams said. "I think prices will consolidate, unless we see even more stocks piling in next week."

Write to Stephanie Yang at [email protected]

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on PLATINUM
11/21DJIMPALA PLATINUM : CFO Brenda Berlin to Leave at End of February 2018
11/16DJCopper Edges Up From Early-Week Losses
11/14DJMETALS : Copper Prices Fall on Weak Chinese Data -- Update
11/14DJMETALS : Copper Prices Fall on Weak Chinese Data
11/14DJCopper Pulls Back After Weak Chinese Data
11/14DJANGLO AMERICAN : De Beers Diamond Sales +21% Ahead of Christmas Season
11/09 LONMIN : Protesters disrupt Lonmin's South Africa platinum mines
11/08DJGold Rises on Doubts Over Tax Overhaul, Saudi Shake-up
11/08DJGold Rises on Doubts Over Tax Overhaul, Saudi Shake-up -- Update
11/08DJGold Gains as Tax Bill Faces Challenges
More news
Chart PLATINUM
Duration : Period :
Platinum Technical Analysis Chart | 4-Traders
Technical analysis trends PLATINUM
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral