Jobs Report Sparks Fresh Rate-Hike Fears, Gold and Silver Tumble

Gold and silver futures fell sharply on Friday following the release of the US non-farm payrolls report, which showed a significant increase in August payrolls. The report revealed that 162K jobs were added in August, exceeding expectations. This led to renewed bets on interest rate hikes, causing gold and silver prices to plummet.

However, some of the losses were clawed back as the day progressed. Despite this, the metal prices still ended the day with significant declines. The SPDR Gold Shares ETF (GLD) was among those affected, experiencing a drop in value.

The report's strong employment numbers have reignited concerns about inflation and interest rates, which has had a negative impact on precious metals. This is not the first time that economic data has influenced metal prices, as previous reports have also had a similar effect.