Gold and silver prices rebound after record crash: What's moving market
Photo: Gold prices rose after record losses (flickr.com National Bank Of Ukraine)
Gold prices recovered slightly after previous losses amid weak US employment data and expectations of a possible interest rate cut by the Federal Reserve. These factors have made precious metals attractive to investors again, according to Bloomberg.
Today, gold bars traded at around $3,990 per ounce, reducing the losses of the previous session and ending the day almost unchanged.
Weak US employment data published by Challenger, Gray & Christmas Inc. showed the largest job cuts in October in more than 20 years.
Such indicators increase the likelihood of further Fed rate cuts, which traditionally increases the attractiveness of precious metals.
At the same time, US officials are expressing conflicting views on monetary policy, with Chicago Fed President Austan Goolsbee noting that the lack of official data due to the US government shutdown makes him even more concerned about future rate decisions.
Since the beginning of the year, gold has already risen by more than 50% and is heading for its best annual performance since 1979. The rise in prices is also being driven by inflows into exchange-traded funds backed by bullion and active purchases by central banks.
As for other precious metals, silver has been rising for the third day in a row after the US included it in its list of critical minerals. Platinum and palladium are also showing growth.
Just last month, global gold and silver prices set new historical records amid economic uncertainty and expectations of interest rate cuts in the US.
Gold rose to $3,500 per ounce for the first time in April 2025.
