Metals Price Watch: Gold Price Little Changed ahead of US Jobs Report

By:
on Jul 4, 2013
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**Gold and silver**

iNVEZZ.com, Thursday, July 4th: The gold price was little changed on Thursday as traders stayed on the sidelines ahead of key US non-farm jobs data due on Friday that could impact Fed’s bullion-friendly bond purchases. The Fourth of July holiday in the US has also weakened investors’ appetite to trade large volumes.
“When the U.S. is on holiday nobody does anything. There has been some selling this morning, but I don’t expect much more happening,” Marex Spectron head of precious metals David Govett said, as quoted by Reuters.

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The gold price could be found at $1,248.54 an ounce as of 13:40 GMT. The metal has gained seven percent this week after plunging to $1,180.71 an ounce last Friday. But many traders see this rise as a typical short-term rally following a big decline. Some expect to see a further plunge in the gold price to the area below $1,000 an ounce.
The silver price fell 0.9 percent to $19.48 an ounce today before edging up to $19.56 as of 15:50 GMT. The platinum price rose 0.2 percent to $1,340.24 an ounce, while the palladium price slid 0.7 percent to $677.72 an ounce.

**Base metals**
The copper price failed to sustain its advance that took it to a two-week high on Wednesday and fell almost one percent to $6,925 a metric ton in the morning trading session on the London Metal Exchange
today. Yesterday, the metal reached $7,005, the highest price level since June 19.
The drop is to be partly blamed on a rise in the US dollar, which advanced against the euro as a news conference by European Central Bank President Mario Draghi got underway. A stronger US currency means that non-U.S. investors have to pay more for dollar-priced metals.

!m[Copper Price Slides from Two-Year High](/uploads/story/3691/thumbs/pic1_inline.jpg)
Yet, losses were mitigated by tightness in Chinese copper supply. A bottleneck in the London Metal Exchange’s warehousing system has forced Chinese copper importers to queue for deliveries of metal they have already bought, resulting in spot copper import premiums rising by a third since mid-June.
The aluminium price saw a small increase of 0.17 percent to $1,809 a ton; the zinc price gained 0.05 percent to $1,866 and the lead price was down 0.19 percent at $2,074. The nickel price fell 0.54 percent to $13,780 a tonne.

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