Gold and Silver Rally as Weak Jobs Data Shifts Fed Rate Expectations

The report effectively pushed the timeline for potential tightening toward December, easing immediate pressure on non-yielding assets. Spot gold climbed to $4,135.60, marking its strongest weekly performance since late May, while silver snapped a seven-week losing streak. Despite the payroll miss, the 10-year Treasury yield held near 4.5%, suggesting that while the urgency for rate hikes has diminished, the market remains cautious.

Geopolitical tensions in the Strait of Hormuz continue to influence the background, though panic-driven demand is receding. Vessel traffic has stabilized at roughly 40 crossings per day, and oil prices—with WTI at $68.69 and Brent at $71.80—have retreated to near prewar levels. While the immediate energy-risk premium has faded, ongoing uncertainty regarding transit authority ensures a residual geopolitical bid remains embedded in gold prices. Technically, bulls are now eyeing a resistance zone between $4,162 and $4,214, while bears require a decisive break below the $3,959 support level to regain control.