Published：July 3, 2026
A surprisingly weak U.S. jobs report has given the price of gold a fresh boost, catapulting prices back above the $4,100 mark. With only 57,000 new jobs created in June, the report fell far short of market expectations of 115,000.
To make matters worse, the figures for April and May were revised downward by a total of 74,000 jobs. Although the unemployment rate fell slightly to 4.2 percent, the markets are interpreting the data as a clear sign of an economic slowdown. As a result, the U.S. dollar weakened, as investors are now pricing in the possibility of further interest rate hikes by the Federal Reserve in December rather than October.
Gold and Silver Prices Benefit from Easing Interest Rate Pressure
These easing interest rate concerns provided massive support for precious metals—even though the yield on 10-year U.S. Treasury bonds stubbornly remained near 4.5 percent, preventing greater relief via the interest rate channel. Nevertheless, gold posted its strongest weekly gain since the end of May. Silver performed even more dynamically: The white metal ended a seven-week losing streak, rebounded strongly from its June lows, and thus even outperformed gold’s strong performance.
From a technical analysis perspective, the focus for the gold price is now on the resistance zone between $4,162.36 and $4,214.34. A sustained breakout could pave the way to the next targets at $4,382.62 and $4,411.94. On the downside, a drop below $3,959.00 is considered the first warning sign, followed by further support levels at $3,942.10 and $3,886.46. For silver, the next key hurdle lies between $60.05 and $63.32. If this range is breached, $65.03 and $69.85 will come into focus, while the precious metal remains well supported at $58.83 and $58.00 for now.
Geopolitical risks take a back seat
While U.S. macroeconomic data is dominating price movements, the situation in the Strait of Hormuz is losing its influence as an immediate market driver. Shipping traffic has returned to normal, averaging around 40 passages per day. At the same time, oil prices have also returned to pre-war levels, with WTI at $68.69 and Brent at $71.80. The geopolitical risk premium has fallen significantly in light of ongoing U.S.-Iran negotiations and uninterrupted shipping traffic, meaning that the Middle East conflict currently represents only a residual geopolitical factor for the gold market.
Source：https://goldinvest.de/en/weak-u-s-job-data-pushes-gold-prices-back-above-usd4-100
