On Friday, October 7, 2022, the precious metals gold and silver dropped in U.S. dollar value following the recent U.S. jobs report for September. The USD value of gold per troy ounce is awfully close to slipping below the $1,700 range, while the price of silver is teetering near the $20 threshold.
Precious Metals Price Patterns Follow Friday’s Equity Market Rout and Crypto Carnage
Just before the weekend, Wall Street’s major indices tumbled as the latest U.S. jobs report for September is making investors believe the Federal Reserve will continue its aggressive rate hikes. The price of bitcoin (BTC) slid 3.4% against the U.S. dollar, and ethereum (ETH) dropped 3.2% during the past 24 hours. The entire crypto-economy hovering at around $979 billion on Friday, and it is down 2.4% at 2:30 p.m. (ET). In addition to the crypto economy, all four major precious metals — gold, silver, platinum, and palladium are down between 0.64% to 3.32%.
Kitco’s precious metals senior market analyst and columnist Jim Wyckoff detailed on Friday afternoon that the data stemming from the U.S. jobs report was “arguably the most important U.S. data point of the week.” Wyckoff noted that the official data was 263,000 jobs, “which was just below the expected rise of 275,000.” The news, Wyckoff reckons, may lead to the U.S. central bank keeping its aggressive stance going strong.
“The August report showed non-farm jobs rise of 315,000. The U.S. unemployment rate dropped to 3.5% in September, which was lower than expected,” Wyckoff wrote on Friday. “The August jobless rate was 3.7%. Average hourly earnings were up 4.98% from last year at the same time. The marketplace reckons the jobs report did nothing to dissuade the Federal Reserve from its aggressively tight monetary policy,” the senior market analyst added.
Similar to equity and cryptocurrency markets, gold markets felt the pressure of the latest U.S. data point. At the time of writing, the nominal U.S. dollar value of a single troy ounce of .999 fine gold is 1,701.40 per unit. Some exchanges have seen gold drop below the $1,700 threshold on Friday as well at $1,699 per ounce.
Silver is also nearing dropping below the $20 threshold on Friday, as it’s 20.35 nominal U.S. dollar per ounce of silver as…
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