Gold and Silver Rally Following Soft US Jobs Data

Gold and silver prices surged after the June US employment report showed weaker-than-expected job growth. Nonfarm payrolls rose just 57,000 versus a 115,000 consensus, with unemployment at 4.2%. This cooled near-term Fed rate hike bets, shifting them toward December.

Spot gold advanced 2.28% to $4,123.80 per ounce and silver climbed 3.27% to $61.052. The dollar weakened and 10-year yields fell to 4.465%. WTI crude traded near $67.19 while Brent stood at $70.26.

Vessel traffic in the Strait of Hormuz averaged 40 crossings daily amid uncertainties. Gold resistance lies at $4,162-$4,214 with support at $3,959. Silver resistance is $60.05-$63.32 and support at $58.83.