Gold prices edged higher on Monday, extending Friday's surge, as expectations of softer Federal Reserve policy following the latest nonfarm payrolls data provided support. Front Month Comex Gold for September delivery rose $17.50, or 0.40%, to $4,369.00 per troy ounce, while Front Month Comex Silver for September delivery soared $1.761, or 2.77%, to $65.260 per troy ounce. The U.S. economy unexpectedly lost 23,000 jobs in July, compared to forecasts of an 80,000 increase, and revisions showed employment was 103,000 lower than previously reported for May and June. Traders are now focused on the upcoming Consumer Price Index to gauge the likelihood of U.S. interest-rate hikes. Meanwhile, the U.S.-Iran conflict continues to impact crude oil prices as the Strait of Hormuz remains shut, with Iran insisting the U.S. must lift sanctions and end military attacks before any reopening.
Weak jobs data fuels expectations of softer Fed policy, supporting gold prices.
Weak jobs data fuels expectations of softer Fed policy, supporting silver prices.
U.S.-Iran conflict keeps Strait of Hormuz shut, supporting crude oil prices.
