Precious metals pare losses during US trading, silver retakes 29.00 level

The initial first take of the extremely solid US data roiled gold prices, sending them crashing to a weekly/session low of 1560.95. Earlier in the US, the highly anticipated Nonfarm Payrolls (February) came in at 236K, against projections of 160K and compared with 157K previously. Unemployment Rate (February) has also steadied at 7.7%, which beat expectations of 7.9%. However, shortly after the US open, prices rallied steadfastly, paring losses and surging back into positive territory to trade at USD $1579.50 per oz. in these moments.

Silver prices traced a similar pattern, though like a phoenix rising from the ashes, the white metal managed to retake the 29.00 level Friday, after plummeting to the 28.45 region, reinforced by heavy support. The subsequent thrust has placed silver in the area of USD $29.09 per oz. in these moments, as investors see if the price will close above 29.00.