Precious metals jump after US jobs report

Precious metals gold, silver, platinum and palladium edged higher on recent US jobs data – Photo: Shutterstock

Gold, silver, platinum and palladium all surged on Monday morning, starting the week on a positive note, following better-than-expected U.S. jobs data released on Friday and a rebound of the Caixin Services PMI in China, which reached 41.4 levels. from 36.4 in April.

In morning trading in London, spot gold edged up 0.2% to $1,853.7 per troy ounce as the US dollar retreated .

Gold rose slightly as the US dollar came back

Silver rose 1.9% to $22.3 per troy ounce, aiming for a more than a month high as the precious metal finally breaches the critical barrier of $22 per troy ounce.

10-year US Treasury yields edged up 2 basis points to 2.9%, just slightly below the psychological 3% mark.

Platinum rose 0.6% to $1029.0 per troy ounce, hovering around a 2-month high on optimism of a return to demand in China’s auto industry after the shutdowns.

Palladium rose 2.1% to $2,014.0 a troy ounce, after Nornickel said it planned to meet agreed contracts and deliveries, despite supply chain constraints.

Copper fell 0.7% to a low of around $4.4 a pound, following worse-than-expected Chinese services PMI data recently.

Aluminum fell 0.8% to $2,766.1 a tonne, approaching a more than 5-month low, on slowing global demand and uncertainties over China’s economic recovery.

The main things to know about metals today

Gold: Wheaton Precious Metals (WPM) received an average “buy” rating by analyst consensus.

Iron Ore: Iron ore recently traded above $140 per metric ton on increased optimism from Chinese investors.

Copper: Peru recently saw fires break out at the Los Chancas copper mine owned by Southern Copper (SCCO).

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Aluminum: Russian aluminum producer Rusal recently filed a lawsuit to regain access to Australian alumina, following a recent ban.

Top things to know about mining stocks today

Glencore (GLEN) has just invested around 200 million dollars in Li-Cycle.

Rio Tinto (RIOgb) was recently sued by Rusal for a stake in a jointly owned Queensland alumina refinery.

BHP’s Chief Revenue Officer (BHP), Brandon Craig, revealed how the company hopes to become greener in the near future.

The Los Pelambres mine in Antofagasta (ANTO) is currently subject to sanctions by the Chilean government.

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