Gold and silver rally amid bets Fed will pause hikes
Gold and silver are making a comeback this week, thanks to growing hopes that the US Federal Reserve might hold off on raising interest rates.
Gold jumped $90 to $4,215 per ounce, while silver climbed $2.73 to hit $63.73, mostly because weaker US job numbers have people betting the Fed will pause rate hikes in July.
Kevin Warsh comments cut September odds
After weeks of losses, gold finished last week up 0.72% and silver broke a long losing streak with a 3.11% gain.
Comments from Federal Reserve Chair Kevin Warsh about cooling inflation helped calm markets, lowering chances of a September rate hike to 56%.
Plus, steadier oil prices and a slightly stronger dollar added some extra support for gold and silver fans keeping an eye on what happens next with the Fed's upcoming meeting minutes.