Silver and gold prices saw gains following a decline in the likelihood of Federal Reserve interest rate hikes, coupled with weaker-than-expected US Nonfarm Payrolls data that pressured the US Dollar. According to FX Street, silver (XAG/USD) was trading around $61.00 per troy ounce during Asian trading hours on Friday.
Gold (XAU/USD) also gained momentum, approaching $4,160 per troy ounce in early Asian trading on Monday, FX Street reported. The weaker US jobs data weighed on the US Dollar, contributing to the precious metals’ upward movement as investors reassessed rate hike expectations.
For Japanese investors, these developments come amid ongoing market adjustments to global monetary policy shifts, which continue to influence FX and commodity markets including precious metals.