Platinum, palladium trade higher before U.S. jobs report
American employers created 228,000 jobs last month, compared to 126,000 jobs in March, according to analysts’ median forecasts. Unemployment probably fell to 5.4 percent in April from 5.5 percent.
Any progress in the U.S. data is predicted to boost the dollar and put further pressure on precious metals that provide no interest to their holders.
As of 12:30 GMT, platinum traded at $1133.57 an ounce after registering a peak of $1137.74, while platinum traded at $784.50 an ounce after hitting a high of $787.50.
The general direction for both platinum and palladium remain bearish in the wake of lackluster demand from jewelers and automakers.
Platinum is meanwhile trading near its lowest level in nearly six years, as producers in South Africa reel from persistent weakness in global demand on the metal.
Lonmin, the third-largest platinum miner by output, said on Thursday it is looking forward to cutting 3,500 jobs from its South African workforce, as the low price of the metal shaves revenues.
Although workers strikes on South Africa’s platinum sector resumed for five months in 2014, it failed to give an uplift to prices.
The low price also failed to encourage jewelers’ buyers from the key Chinese market, amid the slowdown in the world’s second-biggest economy.
Another obstacle came from the hurdles facing the usage of diesel-powered cars in Europe on air pollution concerns.
Last month, a poll by Reuters slashed their forecasts for both platinum and palladium for 2015 and 2016 on oversupply.
Platinum fell for a third straight quarter at the beginning of this year, while palladium was the worst performer, after posting its biggest monthly drop in March since September.
At the meantime, gold is trading slightly higher at $1186, while silver is hovering around $16.37.