Gold futures settled slightly higher on Wednesday, recovering from recent sharp losses.
Gold and silver prices had tumbled on Tuesday following the regulators Commodity Futures Trading Commission, and the CME Group’s remarks that they would tighten restrictions on trade in bullion after retail investors used platforms such as Reddit to jack up metal prices.
The CME steeply hiked margin requirements on silver futures on Tuesday, which resulted in silver’s sharp plunge.
A somewhat steady dollar limited gold’s uptick. The dollar index, which advanced to 91.31 in the European session, gave up gains subsequently and was last seen at 91.17.
Gold futures for April ended up $1.70 or almost 0.1% at $1,835.10 an ounce.
Silver futures for March closed higher by $0.490 or about 1.8% at $26.889 an ounce, after suffering a loss of over 10% in the previous session, after hitting an 8-year high on Monday.
Copper futures settled higher by about 1.2% at $3.5655 per pound.
In U.S. economic news, a report from payroll processor ADP showed private sector employment jumped by 174,000 jobs in January after decreasing by a revised 78,000 jobs in December.
Economists had expected employment to rise by 49,000 jobs compared to the loss of 123,000 jobs originally reported for the previous month.
A separate report released by the Institute for Supply Management showed U.S. service sector activity unexpectedly grew at an accelerated rate in the month of January.
The ISM said its services PMI inched up to 58.7 in January from a revised 57.7 in December, with a reading above 50 indicating growth in the service sector. Economists had expected the index to edge down to 56.8 from the 57.2 originally reported for the previous month.
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.