Bullion
Gold rallied over 1.5 percent on Friday, its biggest one-day gain since November, as disappointing U.S. job data fuelled expectations the Federal Reserve will continue its bullion-friendly bond purchases The metal snapped three consecutive days of sharp losses after the Labor Department said U.S. employers in March hired at the slowest pace in nine months, adding just 88,000 non-farm jobs. Heavy gold short-covering and sharp losses in U.S. equities also lifted bullion prices.
Base—Metals
Copper fell on Friday to within sight of the eight-month lows it hit on Thursday, after far weaker than expected U.S. jobs data spooked investors about the state of the world's largest economy. A two-day holiday in top copper consumer China has also dampened demand for the metal. Friday's data showed American employers hired at the slowest pace in nine months in March, a sign that Washington's austerity drive could be stealing momentum from the economy.
Energy
Crude tumbled after payroll data showed fewer jobs were added in March than expected in the U.S., the world’s largest oil user. Oil fell earlier in the week after the Energy Department reported that storage levels were at their highest levels since 1990 even though refiners had begun to ramp up gasoline production to get ready for the summer driving season.
Posts
