Silver plunges after weak US jobs data

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Precious metals followed risk-on assets on Thursday after the US data showed jobless claims increased more than expected last week. Moreover, profit taking after the previous rally weighed on the commodity sector. At the same time, weak greenback capped losses of precious metals complex.

Gold declined as US figures continued to disappoint. The yellow metal moved in sync with risky assets that posted sharp losses after US jobless claims data. However, a recent Fed's decision to stick to its loose monetary policy as well as robust demand from central banks lent support to gold prices.

Silver was the top-loser, tracking gold's and base metal's weakness. On Thursday, investors locked in gains as the grey metal soared in the previous sessions on increasing demand for silver coins in the US. The US Mint reported sales of silver coins in January surged 84% on a monthly basis.

Platinum and Palladium slumped as disappointing US data erodes industrial demand prospects for the metals. Restricting the downswing, experts predict wider deficit on the global physical markets due to tight supplies from South Africa and Russia.
Back to articles

Actual Topics

Fri, 01 Feb 2013 12:47:04 GMT

Copper slumps ahead of China's PMI

Base metals declined on Thursday as dismal US numbers dampened market sentiment. Elevated LME stockpiles and China's demand uncertainty added pressure on base metals. However, easing measures by the Fed coupled with hopes for upbeat China's PMI reading due on Friday limited the downswing. Aluminum plunged as markets have already priced in expectations of narrower surplus on physical market due

Fri, 01 Feb 2013 14:50:06 GMT

Gold falls ahead U.S. job data

Spot gold price edged lower by 0.2% to $1.660.45 an ounce in Singapore trading session on Friday. Gold price extended the longest streak of monthly losses in last nine months, as the price decreased by 0.7% in January. Investors traded precious metal with negative sentiments ahead a U.S. jobless report, which according to expectations, should indicate an improvement of unemployment

Subscribe to "Fundamental Analysis" feed

Souscrire
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.