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A new US jobs report helped push metals prices up later in the session today.
The US Bureau of Labor Statistics said employers added 203,000 jobs in November, more than the 180,000 economists had expected, Forbes reported. The nation’s unemployment rate was also down 0.3 percent from October, to 7 percent last month. The positive news could signal the beginning of the end of the US Federal Reserve’s stimulus program. The future of the program has impacted metal prices all year.
Gold prices took a dive earlier to $1,211.80 an ounce, but regained some ground following the jobs data. Spot gold rose $8.63 to $1,233.41 an ounce, Reuters said. Gold futures for February delivery were last at $1,232.60 an ounce in New York.
Gold prices reached a five-month low earlier this week of $1,211.36 an ounce. They are also down 1.2 percent for the week.
Like gold, silver also rose later in today’s session, gaining $0.22 to reach $19.56 an ounce, according to Reuters.
Copper prices were up today as well. A tightening of near-term supply of the metal helped push prices up, but the US jobs report kept prices from rising more, Reuters reported.
Three-month copper on the London Metal Exchange was up $44, to $7,112 a tonne. While the US economy is improving, China, the world’s top copper consumer, is seeing only minor growth in its economy, Quantitative Commodity Research consultant Peter Fertig told Reuters. China is also expected to have increased its imports of major commodities in November compared to October, which could also help copper prices.
Brent crude oil increased today due to the positive US jobs report. It rose above $111 a barrel, but prices were curbed due to concerns over tapering of the Fed’s stimulus, as per Reuters.
Brent prices were last up $0.42 to $111.40 a barrel.
Related reading:
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