Precious Metals Brace for Impact of U.S. Jobs Data
Gold and silver prices are slightly weaker as traders remain cautious ahead of the U.S. employment report scheduled for Friday. The non-farm payrolls number is expected to be lower than the previous month, and a weaker U.S. economy could help cool the ascent in bond yields. The global economic outlook has been affected by the recent rise in U.S. Treasury yields and other interest rates, leading to a drop in crude oil prices. Technical analysis shows that gold and silver futures prices are at multi-month lows, with bears having the overall advantage. However, the market is short-term oversold and due for a corrective bounce.