Overview
- The U.S. Bureau of Labor Statistics reported a stronger-than-expected gain of 172,000 nonfarm payrolls on June 5, and traders said the print reduced the near-term likelihood of Fed rate cuts and lifted the dollar.
- Global gold and silver fell sharply after the jobs data, with spot gold sliding to multi-week lows and the market on course for its steepest weekly drop since early May.
- Renewed fighting and stalled diplomacy in West Asia kept oil and inflation risks elevated, which traders said continues to create volatility and limit how far metals can fall.
- Domestic markets moved in step with international falls: the Reserve Bank of India held the repo rate at 5.25% and announced measures to attract capital, Indian retail rates eased and Pakistan’s APGJSA reported a fall to Rs467,816 per tola.
- Despite the recent correction, both metals remain well above last year’s levels after the big rally in late 2025 and early 2026, and investors will watch U.S. policy signals, oil prices, and currency moves for the next major swings.