Futures Market News
Anti-Mubarak protests, positive U.S. job news push up precious metals
Feb 04, 2011 08:38 AM
Precious metal futures' performances edged upward Friday morning as economists awaited a positive financial report from the Labor Department and the uprising against the Egyptian president continued, Bloomberg reports.
A Labor Department report on Friday was expected to indicate January saw the most jobs added per month in 90 days.
The New York Times reports Egyptian officials and the Obama Administration are engaged in conversations to facilitate president Hosni Mubarak stepping down as anti-government protestors reach their 10th day of demonstrating in Egyptian cities.
"We've seen a slight improvement generally in the economic recovery," Bernard Sin, head of currency and metal trading at MKS Finance in Geneva, told Bloomberg. "People are still very concerned about the Middle East and will be comfortable buying on any dips."
March-delivery platinum was up 3.3 percent to $1,844 per troy ounce shortly after 7 a.m. in Chicago and March delivery palladium was down 0.55 percent to $820 per troy ounce at 8:30 a.m. in Chicago.
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