Comex Gold and Silver Prices Surge Amid Fed Minutes, Recovery Rally Continues
Gold and Silver Prices Rally as US Jobs Data Eases Rate Hike Concerns
On Monday, 6 July, gold and silver prices extended last week's sharp recovery, with gold and silver futures posting mild gains. The easing concerns over an imminent US Federal Reserve rate hike and a weaker US dollar provided much-needed support to precious metals, which had remained under pressure in recent weeks.
COMEX gold futures climbed $90 per troy ounce to an intraday high of $4,215, while silver futures advanced $2.73 per troy ounce to $63.73. Gold ended last week 0.72% higher, rebounding 4.3% from the week's low, marking its first weekly advance after four consecutive weeks of losses. Silver, meanwhile, surged 3.11% during the week, snapping a seven-week losing streak.
Investor demand for safe-haven assets strengthened after US hiring slowed sharply in June, signalling that the labour market continues to face challenges despite showing resilience in recent months. The weaker-than-expected jobs data eased market concerns over an immediate Federal Reserve rate hike. The softer labour market is expected to reduce pressure on the Fed to raise interest rates at its July policy meeting.
