Friday Plunge in Gold Price After Better-Than-Expected U.S. Job Numbers
The price of gold plunged on Friday after better-than-expected U.S. jobs figures, with the country’s economy expanding by 295,000 jobs in February compared to 239,000 in January, while the unemployment rate fell to 5.5% from 5.7%. Gold fell $32 on Friday, and finished at $1,167 per ounce at the time of publication (down 4% for the week). Silver (down 4.4%) and platinum (down 2.4%) both fell, finishing at $15.89 and $1,161 per ounce on Friday, while palladium finished flat at $819 per ounce. Friday saw copper fall, as China’s growth forecast was revised to 7% for 2015 from 7.5% in 2014, its lowest level since 2004. The growth target cut was expected by economists and highlights what is undoubtedly the new normal after years of double digit growth. Copper was down 2.75% while zinc (down 2.4%) also fell this week, with both finishing at $2.62 and $0.91 per pound respectively, while nickel (up 1.9%) and lead (up 5.7%) rose to $6.49 and $0.82 per pound respectively. WTI Crude prices were volatile again this week, with the price rising over to $52 per barrel before settling at $50 per barrel on Friday. Finally, the UxC Broker Average Price (BAP) of uranium rose slightly during the week, finishing at $39.50 per pound on Friday.
Here’s an overview of what’s in the Dig this week:
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