Precious Metals Took a Big Hit After Jobs Report was Released

5:58 AM

August 8, 2016 -- A better-than-expected jobs headline on Friday dealt a blow to precious metals prices. Of course, the big question is whether or not the Federal Reserve will decide the U.S. economy has reached “lift-off” and jack up interest rates. The probability of a hike rose slightly following Friday’s report.

Share prices rallied. For the moment stock markets are moving higher regardless of what is expected from the Fed.

Interestingly, there's been some recent disclosures which reveal that central banks, including Switzerland’s, are buying U.S. shares aggressively. In fact, the Swiss have purchased more than $20 billion in American stocks since December.

This week, investors will get the monthly reports on producer prices and retail sales to look at. This Friday’s report on the retail sector is likely to have the biggest impact on markets.

Live prices at show gold currently trading at $1,337.15 per ounce on the global market, and silver is coming in at $19.83.

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