Commodities
Jobs Report Reality Check Slams Gold and Silver Prices
The August jobs report came in stronger than expected, surpassing every forecast on Wall Street. The 162,000 new jobs added to the economy was nearly three times the consensus estimate of 53,000.
Gold and silver prices felt the impact immediately, with gold falling as much as 2% to $4,383 and silver dropping close to 2.75% below $65.15.
The strong labor data revived the case for a September rate hike by the Federal Reserve, increasing the opportunity cost of holding non-yielding precious metals like gold.
Silver's fight to hold support near its 50-day exponential moving average at $65 is being closely watched, with traders waiting to see if the metal can bounce back from the surprise jobs report.