Precious metals plunge on Friday, dollar gains

Friday brought the reversal of Thursday’s moves, with metals and stocks declining, while the USD managed to book some gains after this week’s losses. 

Silver was down more than 1% today, dropping toward 25 USD, while gold was trading 0.7% weaker, having dropped back below 1,750 USD. 

The USDJPY pair added 30 pips today but remains well below the important 110 threshold; thus, the short-term outlook seems bearish. 

On the vaccine front, Italy, Spain, and Belgium have joined other European countries in limiting the use of the AstraZeneca vaccine, even after the European Medicines Agency on Wednesday repeated that the benefits of the drug outweigh the risks of sporadic cases of blood clots.

Later in the day, the US PPI indices are due, which could cause some volatility in the markets. 

Moreover, the Canadian labor market data are due, with markets expecting the unemployment rate to improve to 8.0% from 8.2% previously. The Canadian economy most likely created only 100,000 new jobs in March, well down from 259,000 in February and nearly 10 times less than the US economy created in the same month.

Source: https://www.axiory.com/market-news/precious-metals-plunge-on-friday-dollar-gains