Gold and silver prices extended their recovery rally on Friday, July 3, as fears of an imminent interest rate hike by the US Federal Reserve eased following a softer-than-expected US jobs report.
The weaker employment data indicated a slowdown in the labor market, lowering the probability of aggressive monetary tightening in the near term.
Comex gold futures climbed to $4,208 per ounce, while silver futures reached $63.
Comex gold futures climbed to $4,208 per ounce, while silver futures reached $63.50.
The move marks a continuation of the rebound for precious metals, which had previously posted their worst quarterly performance in years.
The rally reflects a shift in market sentiment as investors reassess the Federal Reserve's policy trajectory in light of cooling labor market conditions.
The development offers a brief respite for precious metals traders following a severe quarterly decline.