Metals finished mixed on Thursday, with gold and platinum losing the most ground (off more than $20/ounce), while silver shed about 13 cents. Palladium bucked the trend entirely, finishing up $8.20/ounce and now on the verge of breaking out to fresh highs. The gold complex was pressured by a couple of variables on Thursday, including a firmer dollar, soaring US equity markets and strong macro news coming out of the US, particularly on the labor side of the equation. On that score, the ADP reported that private employers added 253,000 jobs, well above estimates. It was also reported that US ISM manufacturing came in at 54.9 last month, up slightly from 54.8 in April. The new orders sub-index increased to 59.5, up 4 points from April and employment readings also increased. The index hit a 2-1/2-year high of 57.7 in February and has now declined for two consecutive months, but it still remains firmly in growth territory.
|Precious Metals Daily Report --- June 2 2017.pdf||422.61 KB|