business π Gold and silver rally amid weak US jobs data
Spot gold and silver prices rallied after North American equities closed on Friday, as a negative July payrolls report lowered Treasury yields. This happened because nonfarm payrolls fell by 23,000 while the unemployment rate stayed near 4.1% in July. This weak labor data eased pressure on the Federal Reserve regarding future interest rate hikes. Investors saw this as a constraint on near-term Fed tightening, boosting metal prices. Gold is now targeting resistance zones above $4,360.00, while silver aims for $65.00.