Gold Prices Slide as Iran Tensions Erase Weak US Jobs Report Rally Gains
Gold fell 1.6% and silver dropped 4.3% this past week as a fragile U.S. jobs report and a fresh U.S.-Iran flare-up pulled precious metals in opposite directions within days of each other. Key TakeawaysGold fell 1.6% to about $4,110 as Iran halted its ceasefire on July 8, 2026.Silver dropped 4.3% to $59.70, with the FOMC minutes showing a split Fed on rate hikes.The BLS reported just 57,000 June jobs, and traders now watch CPI data for the next Fed signal. Spot gold started the week near $4,175 an ounce. Futures pushed as high as $4,215.50 on Monday after the Bureau of Labor Statistics reported just 57,000 nonfarm payrolls added in June, well below the roughly 110,000 economists expected. The BLS also cut its April and May job totals by a combined 74,000. Unemployment ticked up to 4.2%. Traders read the weak jobs print as a sign that the Federal Reserve would move closer to cutting interest rates. The dollar weakened against major currencies. Gold and silver both climbed into the holiday-shortened week, with silver touching $62.80 an ounce and gold trading above $4,200. Image source: X The rally did not last. President Trump stated on July 8 that a fragile ceasefire with Iran was over.