Gold and silver advanced Friday with prices for the latter reaching their highest level in more than three weeks ahead of the October jobs report.
Price actionWhat’s happening Gold has stabilized while silver prices have edged up this week despite another large rise in interest rates by the Federal Reserve and Bank of England, leading precious metals analysts to conclude that rate hikes have already been priced in.
However, the U.S. October jobs data due out Friday morning is expected to show that the U.S. labor market remains robust, allowing the Fed to keep raising interest rates, said Rupert Rowling, a Market Analyst at Kinesis Money. “With the jobs picture holding up well so far, this would give the Fed more breathing space to continue hiking rates without increasing the risk of tipping the economy into recession too greatly,” he said.
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