Gold and Silver Slide as Robust Payrolls Revive Fed Rate Hike Bets

Spot gold and silver prices fell sharply in early Friday trading after a stronger-than-expected U.S. jobs report. Gold dropped 1.56% to near 4,402.40 dollars an ounce, silver slipped 1.87% to 65.590 dollars. Firmer data lifted Treasury yields and the dollar, reviving odds of a Federal Reserve rate hike this month.

Nonfarm payrolls rose 162,000 in August versus forecasts of 53,000-55,000, with unemployment steady at 4.1%. Revisions added 55,000 jobs for prior months. The print undercuts pause expectations and spotlights inflation risks amid high oil prices ahead of next week's CPI.

Strait of Hormuz tensions keep Brent above 95 dollars and WTI over 92 dollars. Gold needs a reclaim of 4,422 dollars to recover, silver a break above 67.21 dollars. Global equities mixed, with the 10-year Treasury yield near 4.8%.