Gold, silver trade modestly higher as investors look to jobs report for potential boost
NEW YORK (Oct 6) Gold and silver traded marginally higher on Thursday as the precious metals clung to most of their gains from a rally that had carried them to their highest prices in three weeks, and three months, respectively.
Price action
- Gold futures GCZ23, +0.90% expiring in December rose $1.90, or 0.1%, to $1,722 per ounce on Comex.
- Silver futures SIZ22, 0.81% expiring in December rose 9 cents, or 0.5%, to $20.61 per ounce.
- Palladium futures PAZ22, 2.35% expiring in December climbed $27, or 1.2%, to $2,283 per ounce, while platinum futures PLF23, 1.38% expiring in January rose $7.10, or 0.8%, to $921 per ounce.
- Copper futures HGZ22, 0.36% expiring in December were flat at $3.50 per pound.
What’s happening
Ggold has been paring its gains from earlier in the week due to a rebound in Treasury yields TMUBMUSD10Y, 3.756% and the dollar, analysts said. The 10-year Treasury climbed 1 basis point to 3.876%, while the ICE U.S. Dollar Index DXY, 0.23% rose 0.4% to 111.55.
“A weaker jobs report tomorrow could give it another boost but even that may prove to not be sustainable, said Craig Erlam, senior market analyst at OANDA.
Investors will receive an update on the strength of the U.S. labor market on Friday when nonfarm payrolls data for September are released.
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