Commodities Brief – Precious metals pare losses after US PPI, crude moves towards 93.00 barrier

Gold prices today received a boost following the release of US data, which showed a recovery in the labor market coupled with inflation that was in line with expectations. Amidst this release the yellow metal pared most of its daily losses, recovering to the mark of USD $1586.11 per oz. in these moments – previously gold had traded as low as 1578 during European trading. With inflation still at manageable levels, it appears as though any substantial gold outbreak will be sidelined for now.

Silver recovers losses
The white metal has bounced off a session low of 28.61, after PPI data breathed new life into silver Thursday. After the US open, the price is now trading at USD $28.86 per oz. still below the 29.00 level. Investors will look to see if the price can regain this level, which is obviously requisite for a move higher. Conversely, a failed break and weekly close below this figure could result in a move lower.

Crude oil moves towards 93.00
WTI crude oil has moved higher Thursday, though still unable to pierce the 93.00 level realized earlier this week. With optimistic US data being released the price has now inched above its opening to the USD $92.86/bbl mark. This is certainly good news for proponents of crude as a fall below 92.00 was ultimately unsuccessful, resulting in the fortification of prices during the American session