Gold rises to $4,202.80, silver $62.785 after US jobs report
Business
Gold and silver prices finally broke their losing streak this week, with gold up nearly 2% to $4,202.80 per ounce and silver rising almost 3% to $62.785.
The boost came after US job numbers disappointed, just 57,000 new jobs in June versus the expected 110,000, making investors rethink the chances of more Fed rate hikes.
Rate outlook lifts gold and silver
Lower rate hike expectations make gold and silver more attractive as safe bets.
Plus, dropping oil prices are easing inflation worries, and ongoing U.S.-Iran tensions have investors looking for stability.
Central banks also added a solid 41 metric tons to global gold reserves in May.
Local prices depend on global trends
Local prices depend on global trends, currency moves against the US dollar, and domestic economic signals.