Gold and Silver Rebound Ahead of June Jobs Report

Spot gold climbed 0.75% to trade near $4,036.90 an ounce, holding steady above the $4,000 threshold after successfully testing support levels. Silver showed greater momentum, rising 1.03% to reach $59.070, having briefly surged past the $60.00 mark during the session. Markets remain sensitive to the upcoming employment data, where expectations point to 110,000 new jobs added, a significant cooling from the 172,000 reported in May.

This labor market data creates a binary risk for metals: a strong print would likely bolster the dollar and Treasury yields, potentially capping the current rebound, while a weaker-than-expected figure could fuel further gains. Meanwhile, the energy sector remains in flux as oil flows through the Strait of Hormuz recover to roughly 7 million barrels per day—still well below the 20 million prewar average. While this normalization has eased immediate inflationary pressures, the market remains wary of ongoing geopolitical instability in the region.