The US Department of Labor's August jobs report just released showed that non- farm payrolls increased by only 22,000, much lower than the expected 75,000.
The unemployment rate was 4.3%, in line with market expectations. The report reinforces the view of the “doves” in US monetary policy, who want to lower interest rates more quickly.
Following the report, markets now expect the US Federal Reserve (FED) to cut rates a total of three times by 0.25 percentage points this year.
Gold contract December delivery rose $35.9 to $3,641.6 an ounce. Silver for December delivery also rose $0.483 to $41.9 an ounce.
US stock indexes headed for a positive open in New York, while global stocks were mixed overnight.
In the foreign exchange market, the US dollar index fell sharply to a five-week low. Crude oil futures also fell, trading around $62.75 a barrel. The yield on the 10-year US Treasury note is now at 4.099%, down from before the jobs report.
In other developments, Canada and the United States agreed to conduct technical negotiations on sectoral tariffs after a meeting with US Commerce Secretary Howard Lutnick.
The talks are aimed at finding ways to reach small agreements that would improve Canada's standing, according to Canadian Cabinet Secretary Dominic LeBlanc.
Canada is facing U.S. tariffs on steel, aluminum, autos and lumber. Canadian Prime Minister Mark Carney said Wednesday he had a “very constructive” conversation with President Trump and is confident the two sides can reach an agreement on some of the affected industries.
US President Donald Trump also signed an executive order implementing a trade agreement with Japan, which imposes a maximum 15% tariff on most Japanese goods.
The deal includes a commitment by Japan to create a $550 billion investment fund in the US, while the US will lift some tariffs on aircraft, aircraft parts and generic pharmaceuticals.
The tax exemptions for the aviation and auto industries will take effect within seven days, according to the decree. The news boosted optimism in Asian markets.
Crude oil futures fell last week ahead of the OPEC+ meeting starting on September 7. Energy analysts said the group could approve further production increases. The alliance is scheduled to meet online on Sunday to decide its next steps after restoring 2.5 million barrels a day of previously disrupted supplies.
“If the eight OPEC+ countries agree to increase production again, we believe this will put strong downward pressure on oil prices. After all, the risk of oversupply is already significant,” Commerzbank analysts Barbara Lambrecht and Carsten Fritsch wrote in a note.
Technically, the December gold futures bulls have a strong near-term technical advantage. The next upside target for the bulls is a close above solid resistance at $3,700 an ounce. Conversely, the near-term downside target for the bears is a break below key technical support at $3,500 an ounce.
First resistance is seen at $3,650 an ounce, followed by $3,675 an ounce. First support is seen at $3,600 an ounce, followed by Thursday's low of $3,573.70 an ounce.
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