Gold breaks above $4,240 as US labor market weakens
Gold surged over 4% to trade near $4,247 while silver rallied almost 5% toward $62.20 after a softer-than-expected US labor market report.
Metals were the standout performers on Wednesday, as a disappointing US labor market report sparked a sharp rally. Gold jumped more than 4%, breaking above $4,240 to reach around $4,247 per troy ounce. Silver followed with a nearly 5% surge toward $62.20.
The moves came after data showed a softer-than-expected labor market, including a slowdown in private sector hiring. The weak figures fueled speculation that the Federal Reserve may ease its policy stance, weighing on the dollar and boosting demand for the non-yielding assets.
Both precious metals recorded their strongest daily gains in weeks, with safe-haven flows dominating the session.
Source: FXStreet Forex News