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Metals Wait For Jobs Report


Gold drifted lower overnight as there appeared to be no compelling reason to own the metal. There was a rebound in risk sentiment early Wednesday on a report out of Israel that the vaccines appear to be effective against the Omicron variant, and there were further positive statements overnight from the Pfizer CEO, but that mood was undercut by the report of the first case being in the US and by more hawkish statements from Fed Chair Powell. March silver was near unchanged overnight after it crashed through Tuesday’s lows and fell to its lowest level since October 6 on Wednesday.


The PGMs were mixed overnight, consolidating inside Wednesday’s ranges. They found modest support from the boost in risk sentiment on Wednesday but failed to make much progress towards recovering from the recent selloff. The stock market gave up its gains as the session progressed, and this seemed to drain support from palladium and platinum.


Copper has held its ground above the mid-November lows this morning, but it has been put back on the defensive in the wake of Wednesday’s selloff. A disappointing Caixin Chinese manufacturing PMI reading yesterday, which fell below the key 50.0 level put pressure on the market early on ideas that it implies softer Chinese demand.

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