US Stocks plunged on Friday, as investors reacted to a weak July jobs report and a fresh round of tariffs announced by President Trump. The S&P 500 and Nasdaq fell 1.6% and 2.2%, their steepest drops since April, while the Dow lost 542 points. Payrolls rose by just 73,000 in July, far below expectations, with sharp downward revisions to prior months signaling deeper labor market weakness. Treasury yields fell and the odds of a September Fed rate cut rose above 80%. Sentiment worsened after new tariffs of 10% to 41% were imposed on imports from key partners including Canada, India, and...
Gold continued its decline on Friday (12/6), ahead of a key US jobs report that could influence the Federal Reserve's interest rate policy. The precious metal fell 0.7% on Thursday, its biggest decline since Nov. 25. The metal has been trading in a narrow range since early last week.
Silver prices eased in mid-U.S. trading on Thursday, but remained above $31 an ounce as traders bet the U.S. Federal Reserve will cut interest rates again this month. The probability of a 25-basis-point rate cut in December jumped to about 79%, up from 66.5% last week. The expectations grew after data showed U.S. service sector growth slowed more than anticipated in November, even as Fed Chair Jerome Powell signaled the central bank was in no rush to cut rates, citing strong growth, a robust labor market and persistent inflation pressures. Source: newsmaker.id
Gold prices dipped in the mid-day US session on Thursday as US Treasury yields rose following the release of weekly jobless claims data, while markets awaited US nonfarm payrolls figures for fresh insights into the Federal Reserve's stance on cutting interest rates. The number of Americans filing new applications for unemployment benefits rose modestly last week, suggesting the labor market continues to cool steadily. Investors' focus now turns to Friday's US nonfarm payrolls, which are likely to increase by 200,000 jobs in the month after rising by just 12,000 in October, for further...
Silver (XAG/USD) prices moved lower to around $31.20, ending a two-day winning streak during the early European session on Thursday(12/5). The Federal Reserve's (Fed) cautious stance on interest rate cuts weighed on the white metal. Federal Reserve Chairman Jerome Powell said Wednesday that the strength of the U.S. economy means the U.S. central bank can afford to be "a little more cautious" about decisions about interest rate moves. Joseph Brusuelas, chief economist at RSM US, noted that he does not expect another rate cut after the December meeting until March 2025 at the earliest.
Gold prices are currently stable in the Asian session on Thursday, as political turmoil in South Korea spurs safe-haven demand, although anticipation of further cues on US interest rates keeps traders on the sidelines.