Gold, silver jump on COMEX as soft ADP jobs print and Warsh comments cool July Fed hike odds
AI Market Summary
Softer US labor data (ADP 98k vs 118k expected) and Warsh's Sintra comments that inflation risks have eased reduced perceived Fed tightening odds, pushing DXY down to ~101.3. Lower rate expectations and a weaker dollar lifted COMEX precious metals sharply, with gold and silver futures posting outsized gains. Near-term, bullion remains highly sensitive to incoming labor and inflation data that can reprice the policy path.
Impact level
● High
Affected assets
NCCOGOLD2USD/USDT+0.52%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▲ Bullish
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July 1 — Gold and silver rallied after US June ADP employment came in below expectations at 98,000 versus 118,000. Remarks from Fed official Warsh at the Sintra forum, saying inflation risks have eased, further damped expectations for a July rate hike, with the probability of a September hike slipping to 65%. The US dollar index (DXY) fell to 101.3. COMEX gold futures surged $93 on the day to $4,131 per ounce, while silver added $1.62 to $61.54 per ounce. MCX gold and silver futures also rebounded sharply.
