Weaker than expected NFP report could pave the way for another rate cut in the US and that was exactly what precious metals needed to roar higher. Silver prices stormed higher (+4% from the daily low!) after a short (but dynamic) correction, platinum saw major gains too. Investors still await a speech from Fed’s Powell (5:30pm BST/6:30pm CEST) as it may have a major impact on weekly closing prices.
Morning wrap: Wall Street and precious metals attempt to stabilize as oil gains nearly 2%
Daily summary: Wall Street recovers losses despite a surge in yields 🗽 Gold and silver retreat
Large decline in crude inventories 🛢️📉
📉 Gold loses 1.7%