U.S. firms augmented payrolls in January by adding more jobs than the anticipated amount, according to ADP Employer Services.
Gold futures slipped more than 6 percent in January, a stark contrast to the 30 percent they gained last year.
"No one expects gold to return 30 percent like last year," Frank Lesh, a trader at FuturePath Trading LLC in Chicago, told Bloomberg. "The economy is doing better, and it takes away the bid for gold. The funds feel there are better opportunities in other commodities like corn, soybeans and wheat."
Just before 5 p.m., gold futures were down 0.22 percent, a $2.90 slide to $1,337.40 per troy ounce. Silver futures were down 0.51 percent, dipping 0.144 cents to $28.37 per troy ounce, after having dropped nearly 9 percent in the month of January.
July-delivery platinum was down 4.2 percent to $1,830.60 per troy ounce shortly after noon in Chicago while March-delivery palladium dipped 8.6 percent to $814.95 per troy ounce.
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.