Spot metals dealings in New York this morning opened on the plus side for all components in the complex but gold. The yellow metal was quoted at $1,591 down about $3 while silver climbed 15 cents to $28.68 the ounce.
Friday’s US jobs data managed to yield a lift in precious metals values this morning but the advance was itself significantly below expectations and it most certainly did not come at the expense of a notable cratering in the US dollar.
New York metals trading opened with gains of $15 in gold and 73 cents in silver this morning. The former was quoted at $1616 and the latter at $40.80 per ounce against only a slightly weaker US dollar and against a decline in crude oil.
Whatever immediate support gold prices received from the Fed's decision to throw a bone at the markets, quickly dissipated overnight, and the yellow metal headed towards more 'comfortable' territory under $1,200.