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Gold and silver prices softened on Friday after September jobs data out of the U.S. came in weaker than expected.
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Gold and silver prices softened on Friday in the wake of the U.S. September jobs report.
Prices
-
Gold futures
GCZ22,
-1.05%
due in December fell $3.90, or 0.2%, to $1,717 per ounce on Comex -
Silver futures
SIZ22,
-2.37%
coming due in December fell 21 cents, or 1%, to $20.45 per ounce. -
Palladium futures
PAZ22,
-1.63%
due in December declined $11.50, or 0.5%, to $2,264 per ounce, while platinum
PLF23,
+0.33%
due in January rose $12.40, or 1.4%, to $934 per ounce. -
Copper futures
HGF23,
-1.54%
for December fell 3 cents, or 0.8%, to $3.421 per pound.
What’s happening
Recently, weak U.S. jobs data has helped to support the price of equities alongside the price of precious metals.
However, Jim Wyckoff, senior analyst at Kitco, said details from the report showed the labor market is in better shape than the headline number might suggest, giving the Fed plenty of leeway to continue hiking interest rates without fearing that they could damage the economy.
The report “did show good internals that do not strongly suggest the U.S. economy is headed for a recession,” Wyckoff wrote, pointing to the lower unemployment rate at 3.5% as one example.
“The marketplace reckons the jobs report did nothing to dissuade the Federal Reserve from its aggressively tight monetary policy,” he added.
The ICE U.S. Dollar Index
DXY,
a gauge of the greenback’s strength against a basket of rivals, rose 0.2% to 112.50.
Read More:Gold, silver soften after September jobs report
2022-10-07 14:08:00
