CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78.1% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
US English

Precious metals jump following US jobs report

By Indrabati Lahiri

11:23, 6 June 2022

Bank reserve gold bars stacked in rows
Precious metals gold, silver, platinum and palladium have inched up following recent US jobs data – Photo: Shutterstock

Gold, silver, platinum and palladium all surged on Monday morning, beginning the week on a positive note, as a result of better-than-expected US employment data released on Friday and a rebound in China's Caixin Services PMI, which rose to 41.4 levels from 36.4 in April.. 

In London morning trading, spot gold inched up 0.2% to $1853.7 per troy ounce, as the US dollar retraced .

Gold inched up as US dollar retraced

Silver increased 1.9% to $22.3 per troy ounce, aiming towards more than a one-month high as the precious metal finally breaches the critical $22 per troy ounce barrier.

US 10-year Treasury yields edged up 2 basis points to 2.9%, just a sliver 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 demand comeback in China's automobile industry following the lockdowns.. 

Palladium advanced 2.1% to $2014.0 per troy ounce, following Nornickel reporting that it planned to stick to its agreed upon contracts and deliveries, despite supply chain constraints.

Copper lost 0.7% to bottom out around $4.4 per pound, following worse than expected Chinese services PMI data recently.

Aluminum dipped 0.8% to $2766.1 per tonne, hovering near more than a 5-month low, following slowing global demand and Chinese economic recovery uncertainties.

Top things to know about metals today

Gold: Wheaton Precious Metals (WPM) has been given an average ‘buy” rating by a consensus of analysts.

Silver

24.43 Price
-0.860% 1D Chg, %
Long position overnight fee -0.0188%
Short position overnight fee 0.0106%
Overnight fee time 21:00 (UTC)
Spread 0.020

Natural Gas

1.74 Price
-0.920% 1D Chg, %
Long position overnight fee -0.2517%
Short position overnight fee 0.2297%
Overnight fee time 21:00 (UTC)
Spread 0.0050

Oil - Crude

81.43 Price
-0.200% 1D Chg, %
Long position overnight fee 0.0270%
Short position overnight fee -0.0489%
Overnight fee time 21:00 (UTC)
Spread 0.030

US Cocoa

9,551.50 Price
+2.420% 1D Chg, %
Long position overnight fee 0.0941%
Short position overnight fee -0.1160%
Overnight fee time 21:00 (UTC)
Spread 12.8

Iron ore: Iron ore recently traded above $140 per metric ton, following increased investor optimism from China.

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

Aluminium: Russian aluminium producer Rusal has recently filed a lawsuit to reattain access to Australian alumina, following a recent ban.

What is your sentiment on Gold?

2194.05
Bullish
or
Bearish
Vote to see Traders sentiment!

Top things to know about mining stocks today

Glencore (GLEN) has just invested about $200 million in Li-Cycle.

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

BHP (BHP)’s chief revenue officer, Brandon Craig has revealed how the company is hoping to go greener in the near future.

Antofagasta (ANTO)’s Los Pelambres mine is currently facing sanctions by the Chilean government.

Markets in this article

Aluminum
Aluminium Spot
2303.0 USD
-6.2 -0.270%
Aluminum
Aluminium Spot
2303.0 USD
-6.2 -0.270%
Aluminum
Aluminium Spot
2303.0 USD
-6.2 -0.270%
ANTO
Antofagasta
20.175 USD
0.185 +0.930%
ANTO
Antofagasta
20.175 USD
0.185 +0.930%

Rate this article

Related reading

The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

Still looking for a broker you can trust?

Join the 580.000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading