business ๐ Gold and silver prices jump as Fed rate hike odds drop
Spot gold and silver prices increased on Friday, driven by a weaker US dollar and reduced expectations for a Federal Reserve rate hike. These metals rose as July retail sales fell 0.6%, missing expectations, which lowered the implied probability of a September Fed rate hike to near 29%. Oil market risks kept 10-year Treasury yields near 4.7% while geopolitical tensions persisted in the Strait of Hormuz. Investors are now awaiting August employment and inflation reports before the September Fed meeting. ๐