SPDR Gold Shares ETF Climbs 1.4% as Jobs Report Weakens Dollar
GLD•SPDR Gold Shares ETF jumped 1.38% on Thursday as gold futures climbed after June payrolls rose less than forecast, weakening the U.S. dollar. Silver futures surged 2.49% while the dollar index slipped 0.05%, reducing market bets on further Federal Reserve rate hikes.
1. Weak Jobs Data Sparks Gold Rally
June nonfarm payrolls increased below consensus, triggering a 0.05% drop in the U.S. dollar index. The weaker dollar lifted gold prices, boosting SPDR Gold Shares ETF shares by 1.38% on the day.
2. Fed Tightening Outlook Eases
Market participants pared back expectations for additional Federal Reserve rate hikes after the underwhelming jobs figures. Diminished tightening concerns provided further support for precious metals.
3. Precious Metals Market Moves
Gold futures (GC=F) rose 1.38% intraday and silver futures (SI=F) jumped 2.49%. The simultaneous moves underscore the sensitivity of metal prices to shifts in U.S. economic data and monetary policy expectations.
