Gold Gives Back Gains After Weaker-Than-Expected US Jobs Report

The precious metals market gave back some of its earlier gains after a weaker-than-expected US jobs report was released. Spot gold prices fell by 0.83% to around $4,142.00 an ounce, while spot silver dropped by 1.04% to near $60.230.

The softer labor data reduced fears of an imminent Fed rate hike, with the S&P 500 rising 56.27 points or 0.7% to 7,722.72.

However, the market remains under pressure from elevated Treasury yields and a firm dollar, which is keeping a lid on gold prices.

The Strait of Hormuz situation continues to be a persistent energy-market risk, with oil prices falling after discussions around emergency crude and fuel stock releases offset some of the risk premium.