Gold and Silver Surge After Weak US July Jobs Report Shakes Fed Rate Bets
Key Takeaways
- Gold leaps to US$5,788/oz and silver to US$145.10/oz as US jobs growth collapses.
- Traders now expect the Fed to cut rates sooner, sparking the bullion rally.
- Singapore buyers may see higher premiums as global demand tightens supply.
- This rate shock follows months of volatility—I've not seen swings like this since 2020, lor.
Gold and Silver Rally on US Jobs Shock
Friday’s US jobs data caught almost everyone off guard. Nonfarm payrolls for July rose by just 92,000, the weakest reading in over two years, according to figures released by the US Bureau of Labor Statistics. That single miss torpedoed the US dollar and sent traders stampeding back into precious metals. By Friday’s New York close, gold had rallied 1.1% to US$5,788/oz, its highest since late June. Silver surged even harder, up 6% to US$145.10/oz on the day.
As someone who’s followed these markets for over a decade, I haven’t seen this kind of synchronized price action in gold and silver since the early pandemic years. Check out our gold bars and coins and silver products if you’re wondering what this means for physical premiums in Singapore.
Here’s how the numbers stacked up:
| Metal | Price (8 Aug 2026) | 1-Day Change |
|---|---|---|
| Gold | US$5,788/oz | +1.1% |
| Silver | US$145.10/oz | +6.0% |
Fed Rate Repricing Triggers Bullion Rush
The jobs surprise forced a dramatic rethink on interest rates. CME FedWatch data showed the odds of a September rate cut jump from 30% to over 60% after the report hit. That’s a big shift in just a few hours. Lower rates typically weaken the US dollar and make non-yielding assets like gold more attractive—hence the surge.
This is exactly the kind of macro shock that’s been rewriting the bullion playbook for Singapore buyers all year. Several dealers here, including BullionStar, reported an uptick in spot buying into the close. Physical supply for both gold and silver remains tight—something I wrote about recently in my Singapore gold price spike analysis.
With global ETFs also snapping up bullion after the data, Singapore buyers should brace for possible short-term price volatility and higher physical premiums. If you’re building a metals portfolio, balance is still key—platinum and other metals have their own story, but gold and silver are stealing the show this week.