Weaker-than-expected nonfarm payrolls reduce expectations of imminent Federal Reserve rate increases, supporting risk asset demand
Too little corroboration in the last 3 days to call a trend (3 articles). Watching for it to gain traction.
"The rally came after softer-than-expected U.S. nonfarm payrolls and private payrolls data eased concerns over persistent inflation and the prospect of interest rates staying higher for longer. Data from the U.S. Labor Department's Bureau of Labor Statistics showed nonfarm payrolls increased by 57,000 jobs last month, well below economists' expectations of 110,000."
"Bullion prices climbed in early trade on July 3 as the US dollar weakened after a softer-than-expected June jobs report dampened expectations of near-term Federal Reserve rate hikes, thereby supporting precious metals."
"Gold and silver further advanced as the market mood went up following the US labor report. The action came after the weaker payrolls, as these lowered the expectations of an imminent Federal Reserve rate increase."