Palladium rose on disappointing U.S. jobs data

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Source: Dukascopy Bank SA
Precious metals rallied on Friday after weak U.S. jobs data indicated that the Fed is likely to keep its monetary policy loose to boost economy. U.S. payrolls rose 88,000 last month, defying expectations of an increase of 198,000. Moreover, broadly softer greenback was supportive for the commodity sector.

Gold was bullish on optimism that the Fed will leave its growth-boosting measures in place amid weakness of the national labour market. However, gains were cut by signs of soft investment demand. On Thursday, gold holdings in the gold-backed ETPs were 7.5% lower than a year earlier.

Silver advanced amid bright silver jewelry demand outlook. Furthermore, the grey metal drew strength from increased coin demand. Despite a monthly decline in silver coin sales in March, total sales soared 40.3% on an annual basis through March 31, according to the U.S. Mint.

Platinum and Palladium climbed on hopes the Fed will leave its easy monetary policy unchanged as labour market remains weak. Meanwhile, the precious metals also were supported by a deficit on the physical markets and strong car sales in the US. However, a recent fall in car sales in Europe limited the upswing.
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