WASHINGTON (dpa-AFX) - Extending the gains from yesterday's session, gold prices have surged on Thursday as investors assess the U.S. jobs numbers while the easing oil prices following momentum in the shipping traffic across the Strait of Hormuz supported the precious metal.
Front Month Comex Gold for August month delivery has soared by $46.40 (or 1.14%) to $4,128.80 per troy ounce.
Front Month Comex Silver for August month delivery also surged by $0.589 (or 0.98%) to $60.880 per troy ounce.
In the U.S. today, the data released by the U.S Bureau of Statistics revealed that the U.S. economy added 57,000 jobs in June, far below a downwardly revised 129,000 in May and forecasts of 110,000.
Statistically, this is the lowest job-gain in four months following three consecutive months of stronger-than-expected gains.
The unemployment rate dropped to 4.20% in June, down from 4.30% in May and below expectations. The number of unemployed fell by 213,000 to 7,090,000, while total employment declined by 507,000 to 162,260,000.
The U.S. Department of Labor's data revealed that the number of people claiming unemployment benefits fell by 1,000 from the previous week in the last full week of June, the lowest in five weeks, and below market expectations of 220,000.
Yesterday, while addressing a European Central Bank panel in Sintra, Portugal, U.S. Federal Reserve Chair Kevin Warsh observed that he will stick with the U.S. Fed's 2.00% inflation target.
Currently, investors are betting on a 17.60% chance of a quarter-basis-point interest rate-hike in the upcoming Fed's meeting on July 28-29, while the bets on rates being held at the current level stand at 82.40%, according to CME Group's FedWatch Tool.
On the geopolitical front, the indirect technical talks by the U.S. and Iran concluded yesterday in Qatar. With no sign of a breakthrough emerging, investors are awaiting the next round of negotiations.
Iran's Deputy Foreign Minister Kazem Gharibabadi stated that the participants agreed to establish a communication channel.
The next round will be held after the funeral for Iran's late Supreme Leader Ayatollah Ali Khamenei, scheduled on July 9.
Yesterday, the Wall Street Journal reported that U.S. President Donald Trump discussed the possibility of another round of military strikes on Iran with senior defense officials but later decided to give diplomacy a full chance first.
Reportedly, Trump is also amenable to extend the deadline set for reaching an agreement.
On June 17, the U.S. and Iran signed a Memorandum of Understanding to extend the already-agreed ceasefire for a period of 60 days and settle all disagreements through negotiations.
A couple of days before, representatives from both nations met in Qatar. Trump commented yesterday that the talks were productive.
Iran's state television reported that Iran's Khatam al-Anbiya military command warned oil tankers moving through the Strait of Hormuz to transit only via the Iranian-approved routes failing which there will be a 'forceful response' from Iran.
The World Gold Council today reported that central banks are back into the buying mode, aggregating so far nearly 41 tons of gold.
Yesterday, in its latest survey involving nearly 90 institutions including central banks, public pension funds, and sovereign wealth funds, the Official Monetary and Financial Institutions Forum (OMFIF) revealed that globally, many central banks are contemplating to reduce their holdings on dollar and instead prefer to strengthen their gold reserves.
The U.S. dollar index was last seen trading at 100.86, down by 0.54 (or 0.53%) today.
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