Emre Yumlu 
Gold and silver prices moved higher once again after weaker-than-expected employment data from the United States pressured the dollar. Growing expectations of a rate cut and ongoing political tensions have encouraged investors to seek safety, pushing precious metals back into a clear upward trend.
Dollar Declines as Rate Cut Expectations Strengthen
Fresh private-sector employment figures point to a softening U.S. labor market, signaling that economic momentum may be slowing heading into the final months of the year. This shift has increased the probability of a Federal Reserve rate cut in December. According to Fed funds futures, markets are now pricing in roughly a 69% chance of a cut—up from around 60% in the prior session. The rising likelihood of a dovish pivot has dragged the dollar to its lowest level in a week.
Gold Surges Past $4,008 While Silver Extends Gains
Recent market data shows spot gold climbing to $4,008.145 per ounce, marking a 0.80% daily increase. Silver also continued its advance, with the price per ounce reaching $48.69305, up 1.37% on the day.
Despite volatility earlier in the week, gold prices have regained momentum, supported by firmer demand for safe assets. December gold futures remain on an upward trajectory as well. Although gold has retreated from its recent record peak of $4,381.21 reached on October 20, the renewed upward movement suggests investors are re-entering the market as uncertainty deepens.
Weak Labor Data Adds Pressure on the Federal Reserve
Sector-specific job declines, particularly in public and retail employment, pushed U.S. job numbers lower in October. Rising layoffs—linked to cost-cutting strategies and increasing AI integration—highlight broader economic challenges. Analysts note that the weakening labor backdrop reinforces pressure on the Federal Reserve to shift toward rate cuts, supporting the bullish tone in the gold market.
Government Shutdown Fuels Safe-Haven Interest
The prolonged government shutdown in the United States—now one of the longest in the nation’s history—has added another layer of uncertainty for financial markets. With political gridlock showing no signs of easing, investors are increasingly turning to gold as a protective hedge. Both economic indicators and the duration of the shutdown are expected to play key roles in shaping the near-term direction of gold and silver prices.
You can freely share your thoughts and comments about the topic in the comment section. Additionally, please don’t forget to follow us on our Telegram ,YouTube and Twitter channels for the latest news and updates instantly.