Commodity prices surge despite rising non-farm payrolls, dropping unemployment rate in US
Date
1/13/2025 8:04:57 AM
(MENAFN) Commodity prices surged last week in spite of increasing non-farm payrolls and dropping unemployment rate in the US, strengthening the Fed’s careful stance on rate cuts.
The US non-farm payrolls soared by 256,000 people in December 2024, more than market estimates, while the unemployment rate dropped from 4.2 percent to reach 4.1 percent.
The employment expansion in the US hastened in December 2024 and the labor market concluded 2024 on a stable ground, experts note.
Market estimates signal that the Fed may still refrain from implementing a rate cut before June 2025.
The US 10-Year Futures bond experienced continued growth last week, driven by concerns over inflationary pressures, stabilizing at 4.78 percent after peaking at 4.79 percent, its highest level since October 2023.
The US Dollar Index reached its highest point since November 2022, ending the week at 109.7, reflecting a 0.7 percent increase. Meanwhile, precious metals saw an upward trend, fueled by political uncertainties surrounding the future economic policies of President-elect Donald Trump.
Additionally, the People’s Bank of China announced it resumed gold purchases in December, following a six-month hiatus and a restart in November.
Canadian miner Barrick Gold lately noted that it will briefly halt actions at the Loulo-Gounkoto mining complex in Mali because of new transportation bans, as the complex’s gold stock took a seizing order, stopping exports.
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