Gold Prices Jump Following Disappointing Jobs Data

In a surprising turn of events, gold prices experienced a significant 1.5% increase on Friday. This surge came in the wake of a weaker-than-expected US jobs report, which showed that nonfarm payrolls rose by only 73,000 in July, falling short of analysts' predictions.

Impact on Treasury Yields

The same report also led to a decline in US Treasury yields, with the 2-year Treasury yield dropping by 13.8 basis points. This movement underscores the market's reaction to the softer jobs data, as investors seek safer assets amidst uncertainty.

Precious Metals Market Update

By 8:58 am ET, gold was trading at $3,340.66 per ounce, marking a 1.51% increase. Not far behind, silver saw a 0.87% rise to $37.04 per ounce, while platinum added 0.46% to reach $1,307.99 per ounce by 9:05 am ET. A minute later, palladium made a notable 2.02% jump to $1,205.90 per ounce.