Metals Meltdown: Gold and Silver Hit Lows Amidst Strong U.S. Jobs Report | MintedMarket

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Metals Meltdown: Gold and Silver Hit Lows Amidst Strong U.S. Jobs Report

Metals Meltdown: Gold and Silver Hit Lows Amidst Strong U.S. Jobs Report

Metals Meltdown: Gold and Silver Hit Lows Amidst Strong U.S. Jobs Report

Gold and silver prices took a nosedive today, painting a gloomy picture for precious metal enthusiasts. The U.S. jobs report from the Labor Department, indicating a robust state of the U.S. economy, sent shockwaves through the markets. Gold hit a two-week low, while silver reached a three-week low, both hurtling towards a technically bearish close for the week.

The U.S. Employment Situation Report for November is being hailed as a "Goldilocks" report, pleasing the monetary policy hawks advocating against a U.S. interest rate cut. With non-farm payrolls rising to 199,000 (above the expected 190,000), and the unemployment rate dropping to 3.7%, the job market seems to have struck a balance.

Despite a modest initial sell-off in U.S. stock indexes, they rebounded, holding onto slight gains. The U.S. dollar index soared, accompanied by a significant rise in U.S. Treasury yields, both casting bearish shadows on the precious metals markets. In this scenario, February gold was down $32.80 at $2,013.60, and March silver down $0.744 at $23.315.

As the week unfolds, eyes are on the Federal Reserve's monetary policy meeting and key U.S. inflation data. Meanwhile, China's report of a 0.5% drop in November's consumer price index signals a global cooling off of inflation. Traders are closely monitoring U.S. Treasury bond and note auctions amid concerns about the sustainability of the increasing U.S. debt.

Silver bulls, facing a setback in their near-term advantage, are eyeing a next upside price objective of closing March futures prices above $25.00. On the flip side, bears are eyeing a downside target of closing prices below the solid support at the November low of $22.26.

Gold and silver prices took a nosedive today, painting a gloomy picture for precious metal enthusiasts. The U.S. jobs report from the Labor Department, indicating a robust state of the U.S. economy, sent shockwaves through the markets. Gold hit a two-week low, while silver reached a three-week low, both hurtling towards a technically bearish close for the week.

The U.S. Employment Situation Report for November is being hailed as a "Goldilocks" report, pleasing the monetary policy hawks advocating against a U.S. interest rate cut. With non-farm payrolls rising to 199,000 (above the expected 190,000), and the unemployment rate dropping to 3.7%, the job market seems to have struck a balance.

Despite a modest initial sell-off in U.S. stock indexes, they rebounded, holding onto slight gains. The U.S. dollar index soared, accompanied by a significant rise in U.S. Treasury yields, both casting bearish shadows on the precious metals markets. In this scenario, February gold was down $32.80 at $2,013.60, and March silver down $0.744 at $23.315.

As the week unfolds, eyes are on the Federal Reserve's monetary policy meeting and key U.S. inflation data. Meanwhile, China's report of a 0.5% drop in November's consumer price index signals a global cooling off of inflation. Traders are closely monitoring U.S. Treasury bond and note auctions amid concerns about the sustainability of the increasing U.S. debt.

Silver bulls, facing a setback in their near-term advantage, are eyeing a next upside price objective of closing March futures prices above $25.00. On the flip side, bears are eyeing a downside target of closing prices below the solid support at the November low of $22.26.

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