Heavy price pressure on gold, silver after strong U.S. jobs data kitconews gold silver finance metals investing economics mining
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This morning’s U.S. jobs report for July, showed a very strong rise of 528,000 in non-farm payrolls job growth. A gain of around 260,000 was expected. The June jobs report showed a rise of 372,000 non-farm jobs. The overall unemployment rate in July fell to 3.5% from 3.6% in June. After today’s strong jobs numbers, “the Fed’s dovish pivot is not going to happen,” said one market commentator on Bloomberg radio.
The marketplace is still a little uneasy amid the escalation in tensions between the U.S. and China, the world’s two largest economies, after U.S. House Speaker Nancy Pelosi’s visit to Taiwan this week. China is conducting aggressive military exercises around Taiwan and also announced sanctions against Nancy Pelosi and her family. U.S. Secretary of State Blinken said China’s military exercises near Taiwan are a worrisome escalation.
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