Silver on Thursday bounced off its lowest level in two years, while gold rebounded after slumping to its lowest level since July.
Price action
-
Gold
GCZ22,
+0.77%
for December delivery rose $6.60, or 0.4%, to $1,715 .90 per ounce on Comex, while December silver
SIZ22,
+1.38%
climbed 7 cents, or 0.4%, to $17.74. -
Platinum futures
PLV22,
+1.56%
for October delivery advanced $6.70, or 0.8%, to $812.20 per ounce, while December palladium
PAZ22,
+0.46%
gained $29.70, of 1.5%, to $2,026 per ounce. -
Copper futures
HGZ22,
+0.10%
retreated slightly, shedding 2 cents, or 0.5%, to $3.39 per pound.
What analysts are saying
Market analysts blamed gold’s pullback on the strength in the dollar
DXY,
and Treasury yields, as the U.S. currency trades near its highest level in more than two decades, while rising Treasury yields
TMUBMUSD10Y,
send bonds into their first bear market in 30 years, according to a closely watched index of bond returns.
“The precious metal is struggling to find any bids and yesterday we saw the prices dipping below the 1,700 price level and this was mainly due to the strength of the dollar index,” said Naeem Aslam, chief market analyst at AvaTrade.
Looking ahead traders are awaiting the release of August nonfarm payrolls date Friday morning. Economists surveyed by The Wall Street Journal expect the report to show the U.S. economy added 318,000 jobs in August, while the unemployment rate stood unchanged at 3.5%.
Hear from Ray Dalio at the Best New Ideas in Money Festival on Sept. 21 and Sept. 22 in New York. The hedge-fund pioneer has strong views on where the economy is headed.