Gold and silver ended the week to October 2, 2026, with clear losses, as the impact of a rising dollar, higher bond yields, and concerns about energy inflation outweighed the support provided by Friday's weak US jobs report.
The nearest-month U.S. gold futures contract ended the week at $4,133.70 an ounce, down 3.59%, marking its second consecutive weekly loss. Silver futures closed at $59.977, down 6.68% for the week. These are settlement figures for COMEX contracts and not the spot prices of gold and silver or the prices of actual products at retail stores.
Jobs reduce the likelihood of an October interest rate hike
The US economy added 29,000 non-farm jobs in September, compared to expectations of around 90,000, while the unemployment rate rose to 4.2%. Estimates for July and August were also revised down by a total of 60,000 jobs. Average wages rose 0.1% month-on-month and 3% year-on-year.