Silver Leads Benchmark Board as Jobs Report Softens Dollar

Across major global benchmarks on Friday, October 2, the clearest movement came in precious metals, where Silver +1.0% led the session.

Precious metals trading also saw Gold +0.4% on Friday as bullion reacted to the economic data.

The primary catalyst across global asset classes was the monthly U.S. employment report. The Labor Department reported that nonfarm payrolls grew by 29,000 in September while the unemployment rate reached 4.2%. That slower hiring pace reduced investor expectations for additional Federal Reserve interest rate increases in the near term. The initial drop in the dollar and early declines in Treasury yields provided support for metals, though prices gave back some gains later in the day as bond yields stabilized and inflation concerns lingered.

Major currencies strengthened against the dollar following the jobs data, with the pound +0.3% against the dollar, the yen +0.2% against the dollar, and the euro +0.1% against the dollar as the U.S. currency eased across foreign exchange markets.

In digital asset markets, trading finished with Bitcoin -0.4% and Ethereum -1.4%.

In round-the-clock trading following Friday's official close, benchmark prices continued to shift across international sessions. As of 10:40 am New York, silver +1.3% and the euro against the dollar -0.4%.

What to Watch

Economic calendars for the upcoming week feature several scheduled central bank publications and indicators:

• On Monday, October 5, the Institute for Supply Management releases its September services index.
• On Wednesday, October 7, the Federal Reserve publishes the minutes from its September policy meeting.
• On Thursday, October 8, the European Central Bank releases the account of its September monetary policy meeting.