|Bid||97.95 x 900|
|Ask||97.97 x 800|
|Day's range||95.94 - 98.23|
|52-week range||43.26 - 98.28|
|Beta (5Y monthly)||1.17|
|PE ratio (TTM)||14.46|
|Earnings date||26 May 2021|
|Forward dividend & yield||3.45 (3.60%)|
|Ex-dividend date||30 Apr 2021|
|1y target est||85.95|
(Bloomberg) -- Gold erased gains, heading for its first loss in five days as bond yields inched up and the dollar pared losses.The yield on the 10-year Treasuries pushed higher as investors remained on edge over the threat of inflation. Rising yields hurt demand for non-interest-bearing bullion. Ebbing losses in the dollar reduced the appeal of bullion as an alternative asset.The drop comes as bullion has been recouping early 2021 losses, posting its biggest weekly gain since November last week after a surprise slowdown in U.S. job growth supported the case for continued economic stimulus and low interest rates. While rising inflation expectations could eventually boost demand for gold as a hedge, the rebound in yields is damping investor interest for now, analysts said.“We’ve seen some profit-taking and a sudden dearth of buyers” after yields rose, said Tai Wong, head of metals derivatives trading at BMO Capital Markets.Spot gold fell as much as 1% before paring losses to trade at $1,834.80 an ounce by 2:22 p.m. in New York, after reaching $1,845.51 on Monday, the highest since Feb. 11. Futures for June delivery on the Comex fell 0.1% to settle at $1,836.10 an ounce. Spot silver advanced, while platinum and palladium slipped.Treasuries faced selling pressure during the U.S. morning as dealers prepared to underwrite first of three auctions this week.“I do think we hold this level around $1,820 for the moment, with $1,800 the real bulwark, and wouldn’t expect a significant test of that area unless tomorrow’s 10-year auction is poor.”April’s disappointing employment report doesn’t change the upbeat outlook for the U.S. labor market amid strong consumer demand, Federal Reserve officials said.Chicago Fed President Charles Evans said the U.S. central bank will need to remain accommodative “until we really get nervous that inflation is just in excess of averaging 2% over time.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Canada’s job recovery hit a snag in April as a third wave of lockdowns and Covid-19 restrictions led to fresh employment losses.The country shed 207,100 jobs last month, Statistics Canada reported Friday from Ottawa, partially erasing large gains over the previous two months. Economists in a Bloomberg survey had predicted a drop of 150,000. The unemployment rate rose to 8.1% in April, from 7.5% a month earlier. The rate was below 6% before the pandemic.Despite the setback, analysts expect a quick rebound as early as June once containment measures have been lifted with the economy back on track toward full recovery -- as was the case after previous lockdowns. The bulk of the losses were limited to pandemic-exposed sectors, like retail, food and accommodation, a sign that the slowdown isn’t broad-based.“Today’s jobs data doesn’t change the structural backdrop for the Canadian economic recovery,” Simon Harvey, a senior foreign exchange analyst at Monex Canada, said by email.Canada’s economy remains about half a million jobs shy of pre-pandemic levels. The Canadian dollar was little changed after the report. The yield on Canada’s 10-year benchmark bond dipped to 1.49% as of 9:30 a.m. in Toronto, from a close of 1.514% on Thursday.The U.S. Labor Department also released soft jobs data Friday that were even more disappointing. U.S. payrolls increased by just 266,000, versus estimates for a 1 million gain.“Today is a concerning day,” Frances Donald, global chief economist and head of macro strategy at Manulife Investment Management, told BNN Bloomberg television. The U.S.’s scant job creation is a sign of possible future headwinds because Canada has trailed the U.S.’s growth trajectory by six to nine months, she said.Overall, Canada’s labor market has recovered more quickly than in the U.S. It’s one of the key reasons why the Bank of Canada has indicated it’s prepared to start paring back its stimulus before the Federal Reserve, though the soft jobs data on both sides of the border could prompt a rethink on the pace of withdrawal.The Bank of Canada curbed its purchases of Canadian government bonds in April, and is expected to do so again in coming months as the recovery accelerates.“April will be a very weak month for the economy,” Benjamin Reitzes, Canadian rates and macro strategist at BMO Capital Markets, said by email. “Those who thought the Bank of Canada might taper again in July might have a rethink.”Harsh MeasuresRising virus cases due to a combination of rapidly spreading variants and a vaccine rollout plagued by delays and confusion prompted Canadian authorities in recent weeks to reintroduce strict containment measures that hit jobs in close-contact sectors.Friday’s jobs numbers suggest a tough start for the nation’s economy in the second quarter. Hours worked -- which is closely correlated to output -- fell 2.7% in April, the biggest monthly drop since the depths of the recession. April also saw the first drop in full time employment -- down 129,400 -- in a full year.Still, the country has a strong track record of bouncing back after prior waves of the virus, bolstering confidence it will do the same again.“The good news is that the curve is bending in some regions of the country and vaccinations are picking up pace, both of which should help the labor market begin to recover as the summer gets rolling.,” Royce Mendes, an economist at Canadian Imperial Bank of Commerce, said by email. “Evidence from the recoveries after past waves suggest job growth can show up relatively quickly after virus cases are brought under control.”(Updates with details throughout.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Copper’s surge toward a record high is starting to cause stress for industrial consumers in China, the world’s largest market for the metal.Some Chinese manufacturers of electric wire have idled units and delayed deliveries or even defaulted on bank loans, according to a survey by the Shanghai Metals Market. End-users such as power grids and property developers have also been pushing back delivery times, while producers of copper rods and pipes saw orders slump this week, said the researcher.Copper topped $10,000 a metric ton on Thursday for the first time in a decade and has been among the best performers in a scorching surge in metals prices. The rally is being fueled by stimulus measures, near-zero interest rates and the global economic recovery from Covid-19.“Domestic copper users are feeling the pain right now after the recent surge caught them off guard,” said Fan Rui, an analyst at Guoyuan Futures Co. “Electric wire producers are being hit the most, with smaller plants keeping run rates low as the spike is seen slowing the pace of investment by power grids.”READ MORE: Copper Extends Rally to Top $10,000 With All-Time High in SightA gauge of China’s manufacturing industry slipped in April and the services sector also weakened, suggesting the economy is still recovering but at a slower pace. To be sure, analysts at banks including Goldman Sachs Group Inc. are predicting further gains for the metal as the global economy picks up pace.Copper fell 0.6% to settle at $9,825 a ton on London Metal Exchange at 5:53 p.m. in London. The metal reached $10,008 on Thursday, the highest since February 2011. Aluminum also declined, while nickel rose.In sign of potential weakness in Chinese physical demand, the spot contract traded at a discount of as much as 215 yuan a ton ($33) to Shanghai futures’ prices this week, the widest in about 10 months. The appetite for imports is also low, with the Yangshan copper premium, paid on top of benchmark LME prices, slumped to the lowest since data were first published in 2017.And there is a precedent for demand destruction in China amid higher prices, according to BMO Capital Markets analyst Colin Hamilton. Hamilton pointed to 2006 where prices recorded the largest January-April gain on record and came amid a credit-fueled sudden acceleration in developed world demand.“2006 was the only year this century where annual Chinese copper consumption fell on a y/y basis, as marginal buyers simply stepped away,” Hamilton said in a note.Higher price levels also could see marginal buyers pull back in the near term and look to substitute in the medium term.“$10,000/t copper now is the biggest danger to future demand use, particularly in these nascent trends where material selection is still evolving,” said Hamilton. “There is no doubt copper may be best for electrical or heat transfer performance, but with the ratio to aluminium now well above the 3.5:1 level where we consider substitution accelerates, the risk is clear.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.