US September Non-Farm Payrolls Data Released
US non-farm payrolls for September came in below expectations with an increase of 29 thousand, while the unemployment rate rose to 4.2 percent, leading to gains in precious metals.
Non-farm payroll data for September, released by the US Department of Labor, came in below market expectations with an increase of 29 thousand. Following the data, the unemployment rate rose to 4.2 percent, the dollar index and bond yields declined, and upward movements were observed in gold and silver prices.
Employment Data and Revisions
Non-farm payroll data for September in the US came in below market expectations with an increase of 29 thousand people. Downward revisions were made to data from previous months.
Unemployment Rate and Other Indicators
The country's unemployment rate in September increased by 0.1 percentage points to reach 4.2 percent. The number of unemployed rose to 7 million 109 thousand, while the labor force participation rate was recorded at 61.8 percent.
Rise in Gold and Silver Prices
Precious metals gained value following the weak employment data. Spot gold and gram gold prices traded with an upward momentum following the data.
Similarly, increases were experienced in silver prices, with spot silver moving at levels between 61 and 62 dollars according to data from different sources.
Changes in Foreign Exchange and Bond Market
The dollar index declined following the released data, dropping to levels between 101.8 and 101.9. Meanwhile, the US 10-year Treasury yield fell to 5.18 percent, and the 2-year Treasury yield declined to 4.73 percent.