Metals Stocks: Silver climbs to 3-week high as investors await U.S. jobs report

by | Nov 4, 2022 | Stock Market

Gold and silver advanced Friday with prices for the latter reaching their highest level in more than three weeks ahead of the October jobs report. Price action
Gold prices for December
delivery gained $24, or 1.5%, to $1,655 per ounce.

Silver prices for December
delivery advanced 52 cents, or 2.7%, to $19.95 per ounce, the highest level for a most-active contract since Oct. 10.

Palladium prices for December
delivery gained $17.90, or 1%, to $1,816 per ounce while platinum prices
for January delivery advanced $17, or 1.9%, to $941 per ounce.

Copper prices for December
delivery gained 16 cents, or 4.6%, to $3.59 per pound.

What’s happening Gold has stabilized while silver prices have edged up this week despite another large rise in interest rates by the Federal Reserve and Bank of England, leading precious metals analysts to conclude that rate hikes have already been priced in.

However, the U.S. October jobs data due out Friday morning is expected to show that the U.S. labor market remains robust, allowing the Fed to keep raising interest rates, said Rupert Rowling, a Market Analyst at Kinesis Money. “With the jobs picture holding up well so far, this would give the Fed more breathing space to continue hiking rates without increasing the risk of tipping the economy into recession too greatly,” he said.

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