Commodities: Gold surges after US dollar takes hit
A much weaker than expected US jobs report for the month of May sent traders in the commodities patch scurrying to adjust many of their positions as the US dollar slid in reaction to the day´s main news.
The US dollar spot index slumped 1.61% to finish the session at 94.03, triggering a 0.50% rise in Bloomberg´s commodity index to 87.14.
Crude oil futures Stateside saw some volatility as market operators were also waiting on the release of the latest weekly rig count data from Baker Hughes.
In the event, the data showed that over the latest week the US oil rig count jumped by nine to 325 - its largest increase since last December.
The increase also marked the second rise in the oil rig count over the past three weeks.
That sent front month West Texas Intermediate crude oil futures 1.12% lower to $48.62 per barrel on the NYMEX. RBOB gasoline futures also fell, by 1.66% to $1.6075 per gallon.
July 2016 NYMEX heating oil futures lost 1.37% to $1.4881 per gallon.
Gold futures snapped back, rising 2.50% to $1,242.90/oz. on COMEX, algonside gains of 2.97% to $987.03/oz. for spot platinum.
Copper also put in a solid performance, with July 2016 futures advancing by 2.08% to $2.1130/lb..
Agricultural commodities were broadly higher, with the exception of cocoa.
Wheat futures on the Chicago Board of Trade tacked on 2.42% to $4.9725 per bushel and cotton#2 ICE-traded futures another 1.98% to $6.391/lb..
Cocoa futures on Euronext LIFFE ended the day down by 0.8% to £2,231.00 per tonne.