Weekly Round-Up: Commodities React to US Jobs Report

Today gold rose 0.8 percent, or $10.38, to $1,297.80 per ounce, according to Reuters. Meanwhile, US gold futures for April delivery rose 1.1 percent, or $14.28, hitting $1,298 an ounce.

Those increases were caused by the US nonfarm payroll report, which came in below expectations. However, signs that the US economy is growing steadily limited gold price growth.

“The initial market reaction was for gold to test $1,300, but it didn’t break through that level because the March (jobs) number was still good … only slightly worse than expected,” VTB Capital analyst Andrey Kryuchenkov told Reuters. “But then if you think about it, February was revised up and the jobless rate remains flat, which suggests that QE3 [quantitative easing] tapering will go ahead at the current pace.”

Silver also rose this morning, increasing 1.4 percent, or $0.28, to $20.06 an ounce, as per Reuters.

Copper for three-month delivery on the London Metal Exchange rose 0.73 percent, or $48.86, to trade at $6,693.25 per tonne today, another Reuters article states. Similarly, copper on New York’s COMEX was up 0.8 percent, or $0.0245, at $3.0515 a pound, notes The Wall Street Journal. Boosting prices was increased hope of economic growth.

Finally, Brent crude oil for May delivery was up $0.60, at $106.75 a barrel, according to Reuters. The gain came amidst concern about whether Libya’s oil ports are really set to reopen.

“In the oil market it is Libya that is pulling the strings,” David Hufton, managing director of London’s PVM Oil Associates, told the news outlet. “High hopes of an imminent settlement with rebels in the east of the country have been punctured.”