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  - 06/21 01:44:50 pm
865.19 USD   -0.50%
06/20Petropavlovsk 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

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 CEST
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]

Stocks mentioned in the article
ChangeLast1st jan.
GOLD -0.44% 1263.807 Delayed Quote.-2.12%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on PLATINUM
06/20Petropavlovsk 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