Gold & Silver Rally Back On Weak Job Reports

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Last week, Gold was heading for a weekly loss early Friday, with a strong U.S. Dollar and fading hopes of any interest rate cut because of Powell’s statements at his Wednesday news conference. Then, at 8 a.m. EST Friday, came the U.S. nonfarm payroll report.

That report is unbelievably negative for the U.S. economy. It shows only 73,000 new jobs in July, and the May and June reports were revised lower by 258,000 fewer jobs created. Plus, the July U.S. unemployment rate increased to 4.2%. This major drop in U.S. employment could result in the Federal Reserve lowering interest rates in September. This news, combined with the fact that Trump’s tariffs on 70 countries go into effect this week, caused Gold to soar higher on Friday. These tariffs will increase by an average of about 18%, and we should feel the effects in inflation over the next few months.

The financial markets reacted negatively to this news. The Dow dropped 542 points,
The U.S. Dollar fell over 1%, while the Gold price increased by $54.50 on Friday. Gold closed at $3,360.10 on Friday, up $26 for the week. But what was very important about Friday’s close was that Gold moved back above the key $3,350 level. If Gold can stay above that level on Monday’s trading, it would be very bullish for the short-term direction of the Gold price, and we could be on our way towards $3,400 again.

Key U.S. Economic data to watch this week:
The week of August 4th to August 8th, 2025
- Monday: June Factory Orders
- Tuesday: June U.S. Trade Deficit
- Thursday: August 7th Initial jobless claims, June Wholesale Inventories

Today: In overnight trading in Asia, the Middle East, and Europe, Gold reached a low of $3,345 and a high of $3,666 per ounce, as those markets reacted to Friday’s weak jobs number. As the Gold market moved into the U.S., buyers came in and the Gold price moved up to $3,386 before seeing some light profit-taking.

On July 23rd, Silver reached $39.71 per ounce, a 14-year high, and reached a low of $36.13 last Thursday. The key factors that caused this $3.58 drop were Fed Chairman Powell’s indication that interest rates aren’t coming down, and last Wednesday’s strong GDP second-quarter numbers. However, Friday’s weak U.S. jobs number helped turn the Silver price higher. Silver closed last Friday at $36.63 per ounce, down $1.36 per ounce for the week. The Silver-to-Gold ratio increased on Friday to 89.90-to-1.

Today: Silver saw some heavy selling on Asian markets and dropped to $36.60 per ounce, but as trading moved around the world, in the Middle East and London, the market rallied.
As London was closing and U.S. markets were opening, the price moved back over $37 per ounce. While trading in the U.S., Silver reached a high of $37.64 before seeing some light short-term profit-taking.

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