Gold and silver logged their strongest weekly gain in more than a month after a soft U.S. jobs report pushed traders to rethink Federal Reserve policy. Silver outran gold, narrowing the gold-to-silver ratio to about 66.9. By July 4, gold traded at $4,187 per ounce.
A weak June payrolls print lifted both precious metals, with silver leading the charge. Gold climbed from lows near $4,012 per ounce on June 30 to close around $4,175 by July 3, a gain of roughly 2.1% and its first weekly advance in five weeks. By America's Independence Day, gold was trading at $4,187 per troy ounce.
Silver moved even further. The metal rose from around $58.3 per ounce to more than $62.4, a jump of 6% to 7% that outpaced gold throughout the rebound.
Jobs report rattles rate expectations
The U.S. Bureau of Labor Statistics reported nonfarm payrolls rose by just 57,000 in June, far short of economist forecasts near 110,000. Unemployment ticked up to 4.2%, and private payroll growth softened alongside the headline miss.
Traders responded fast. The probability of a September Fed rate hike, tracked through the CME Fedwatch Tool, fell from around 66% to roughly 53% to 54% in the days after the release. Lower rate hike odds weakened the dollar and pulled down real yields, both of which support gold and silver since neither metal pays interest.
Silver's industrial demand adds fuel
Silver's sharper rebound reflected its dual identity as both a monetary metal and an industrial input. Demand tied to solar panels, electronics, and electric vehicles has kept the metal's long-term demand elevated even as prices pulled back through the second quarter.
The gold-to-silver ratio, a measure of how many ounces of silver equal one ounce of gold, narrowed to about 66.9 to 1 by the end of the period as silver closed the gap on gold's earlier outperformance.
What comes next
Gold remains about 22% below its early 2026 peak above $5,300, and silver has given back even more from its January highs. Resistance for gold sits near $4,200 to $4,300, while silver faces a psychological ceiling near $65.
Analysts expect upcoming inflation data, retail sales figures, and further employment reports to decide whether the rebound extends or gives way to consolidation. Central bank buying and developments tied to U.S.-Iran diplomacy remain background factors supporting both metals heading into mid-July.
Source: Bitcoin News
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