Gold and silver posted their strongest weekly performance in more than a month after a disappointing U.S. jobs report forced traders to rethink Federal Reserve policy.
Key Takeaways:
Gold climbed to $4,175 on July 3 after U.S. payrolls rose just 57,000 in June. On Saturday, July 4, gold was $4,187 per ounce at 11:30 a.m. Eastern time.Silver surged 7% to over $62, narrowing the gold to silver ratio to 66.9.Traders cut September Fed rate hike odds from 66% to 53% following the report.The U.S. Bureau of Labor Statistics reported nonfarm payrolls rose by just 57,000 in June, far short of economist forecasts near 110,000. Unemployment ticked up to 4.2%, and private payroll growth softened alongside the headline miss.
Silver’s Industrial Demand Adds FuelSilver’s sharper rebound reflected its dual identity as both a monetary metal and an industrial input. Demand tied to solar panels, electronics, and electric vehicles has kept the metal’s long-term demand elevated even as prices pulled back through the second quarter.
Schiff Weighs In as Prices Dipped Below $4,000 What Comes Next
