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Gold Holds Near Two-Week High on Weak US Jobs Data; Silver Extends Gains for Fifth Session
Gold traded near a two-week high around $4,174.66 per ounce on Monday after weaker-than-expected US jobs data reduced expectations of an immediate Fed rate hike. Silver extended gains to a fifth consecutive session, reaching $62.47 per ounce. JPMorgan lowered its gold demand outlook, while physical demand softened in India and improved slightly in China.
Gold jumps over 1% after weak US jobs data, silver advances on weaker dollar
Gold prices surged more than 1% on Friday after weaker-than-expected US employment data reduced expectations of further Federal Reserve rate hikes. The rally put bullion on track for its first weekly gain in five weeks. Silver, platinum and palladium also advanced, supported by a weaker US dollar and renewed central bank purchases of gold in May.
Gold, Silver Under Pressure as Middle East Tensions and Fed Rate Hike Expectations Weigh
Gold and silver prices traded lower on Monday as renewed US-Iran military strikes raised crude oil prices and reinforced expectations that the US Federal Reserve may continue raising interest rates. MCX gold futures for August delivery fell 0.4% to ₹1,43,545 per 10 grams, while spot gold dropped 0.7% to $4,061.35 per ounce. Analysts at KCM Trade and Motilal Oswal highlight that geopolitical uncertainty and persistent inflation are key drivers.