Gold and silver gained on Monday as the US dollar steadied near a two-week low, with investors scaling back bets on a Federal Reserve rate hike this year.
Gold was up 0.35% at press time, trading around $4,170, while silver added 0.23% to trade near $63
Both extended a rebound that began after Friday’s weak June jobs report reset expectations for interest rates. Why Rate Bets Move the Metals Gold and silver pay no income, so their appeal tracks the cost of holding cash. When markets expect higher rates, the opportunity cost of holding metal rises.
Falling rate expectations reverse that math. The shift followed the June payrolls data. The US economy added just 57,000 jobs, roughly half the 113,000 forecast.