Weekly Round-Up: Commodities Fall After Unexpectedly Positive US Jobs Data

Metal prices fell today after an unexpectedly positive US jobs data report was released.

Metal prices fell today after an unexpectedly positive US jobs data report was released.

Gold prices hit three-week lows on the COMEX in New York, with futures for December delivery falling $14.23, to $1,293.60 an ounce, Bloomberg reported. Gold prices have fallen 1.5 percent this week and 22 percent so far this year.

Silver futures for December delivery were also down today, falling $0.19 from the previous session to hit $21.46 an ounce, according to Bloomberg.

The October payrolls report from the US Labor Department show that the economy added 204,000 jobs for the month, above the median forecast of 120,000. The positive data has raised fears that the US Federal Reserve could decide to taper its stimulus program earlier than expected.

“The strong numbers today increase the probability of tapering starting this year,” Bart Melek, head of commodity strategy at TD Securities in Toronto, told Bloomberg.

A rise in the dollar this week impacted gold and silver prices today as well.

Copper prices were down earlier today due to dollar gains. In New York, copper futures for December delivery fell $0.02 to $3.23 a pound, Bloomberg said.

However, the metal later rose thanks to positive data showing that China increased imports of the metal in October. Three-month copper on the London Metal Exchange was trading at $7,165 a tonne, up from the $7,145 seen in the previous session, as per Reuters. China’s copper imports rose 26.4 percent last month compared to October 2012.

The Brent crude oil price slumped near its lowest level since early July today, though it was still up from the previous session, Reuters reported. Brent hit $103.79 a barrel this morning, up $0.33 from yesterday, as western nations aimed to reach a deal with Iran over its nuclear program.