Gold and silver kicked off the week with fresh momentum after a weaker-than-expected June employment report reset expectations for near-term Federal Reserve policy. Spot gold traded around $4,143 per ounce at 9:05 a.m. Eastern Time on Monday, July 6, 2026, up roughly $835 from a year ago, according to Fortune. Silver was quoted at $62 per ounce at 8:30 a.m. Eastern Time, extending a nearly 6% weekly gain that marked its strongest advance in weeks.
Payrolls Miss Reshapes the Rate Outlook
The catalyst behind the metals' bounce was the Bureau of Labor Statistics' June employment situation report, released July 2. Nonfarm payrolls rose by just 57,000, well shy of the 110,000 to 115,000 the market had penciled in and the smallest gain in four months. The unemployment rate ticked down to 4.2%, but that decline was driven largely by a 0.3 percentage point drop in the labor force participation rate to 61.5%, its lowest reading since March 2021.
Prior months looked softer on revision. April payrolls were cut by 31,000 and May by 43,000, leaving the two months a combined 74,000 lower than previously reported. Professional and business services led hiring with 36,000 new positions, followed by social assistance at 25,000 and health care at 22,000.
Analysts See Less Pressure on the Fed
Softer hiring took the sting out of hawkish rate expectations that had been building in recent weeks. "The slowdown in payroll growth challenges the narrative of renewed labor market strength that has been building in recent months but, importantly, reinforces the view that the Federal Reserve is under little pressure to tighten policy," Seema Shah, chief global strategist at Principal Asset Management, said in comments cited by CNBC.
Fed Chairman Kevin Warsh has publicly characterized the labor market as "steady" while continuing to emphasize the central bank's commitment to returning inflation to the 2% target. The mixed messaging has left traders leaning toward a longer pause rather than a fresh round of hikes.
Dollar Weakness and Central Bank Buying Add Fuel
The U.S. dollar was on track for its largest weekly decline since April heading into the weekend, giving dollar-priced commodities like gold and silver an added lift. Gold touched $4,170 per ounce on Friday, its highest level since June 23, and closed out a 2% weekly gain that snapped a four-week losing streak. Silver climbed above $62 on the same session, also reaching its highest mark since late June.
Structural demand continues to underpin the rally. According to the World Gold Council, central banks added a net 41 metric tons of gold to their reserves in May, extending a multi-year accumulation trend that has helped keep a floor under prices even during periods of dollar strength.
What to Watch Next
With the Fed's July policy meeting on the horizon, traders will be scrutinizing upcoming inflation data, retail sales, and Federal Open Market Committee minutes for confirmation that the softer labor picture will translate into a more patient policy stance. For now, the combination of a cooler jobs print, a weaker dollar, and steady official-sector buying has restored a bid to precious metals that had faded through much of June.
Sources: CNBC (Jobs Report June 2026; Gold prices set for first weekly rise), Fortune (Current price of gold and silver, July 6, 2026), Yahoo Finance (Silver prices today, July 6, 2026), Bureau of Labor Statistics (Employment Situation Summary, June 2026), FXStreet (Nonfarm Payrolls rise by 57K).