Gold Hits Seven-Week High on Weak Jobs Data
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- Gold hit a seven-week high after weak U.S. jobs data dented bets on further rate hikes, per Reuters.
- UBS affirmed gold's rally has support, OilPrice.com tied the move to lower oil prices, and a separate analyst flagged silver as potentially offering bigger gains amid declining investor confidence.
Why it matters: Gold holders now have multiple stated supports for the rally — weak U.S. jobs data easing rate-hike expectations, lower oil prices, and UBS analyst backing — rather than reliance on a single catalyst, while silver is positioned by one cited analyst as a higher-beta play on the same macro backdrop.
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