Gold and silver prices moved higher on Thursday after fresh U.S. labor market data pointed to slowing job growth. The weaker-than-expected employment report fueled expectations that the Federal Reserve (Fed) may have less urgency to tighten monetary policy. The improved market sentiment also spilled over into cryptocurrencies, lifting Bitcoin and several major digital assets.

Weak Employment Data Boosts Precious Metals

Investors turned to precious metals after the latest U.S. employment report signaled that the labor market is beginning to lose momentum.

Gold climbed to approximately $4,108 per ounce, gaining nearly 1% on the day. Silver also advanced, trading around $60.50 per ounce.

The main catalyst was the latest Non-Farm Payrolls (NFP) report, which showed that the U.S. economy added only 57,000 jobs in June, well below market expectations of around 110,000.

The U.S. Department of Labor also revised April and May payroll figures downward by a combined 74,000 jobs, reinforcing concerns that hiring activity is slowing.

Unemployment Fell, but the Picture Is More Complex

Although the unemployment rate declined from 4.3% to 4.2%, the broader labor market data painted a more cautious picture.

Approximately 720,000 people left the labor force during June, pushing the labor force participation rate down to 61.5%, its lowest level since March 2021.

Meanwhile, wage growth remained stable. Average hourly earnings increased 3.5% year-over-year, matching economists' expectations.

The combination of slowing job creation and stable wage growth has strengthened expectations that the Federal Reserve may have greater flexibility in its future policy decisions.

Crypto Market Also Benefits From Improved Sentiment

The positive mood was not limited to precious metals.

The total cryptocurrency market capitalization rose by approximately 2.25% during the day. Bitcoin climbed back above $70,000, Ethereum reclaimed the $1,600 level, while XRP, Solana, Dogecoin, and Cardano also posted solid gains.

Investors often view weaker economic data as supportive for risk assets when it increases the likelihood of a more accommodative monetary policy.

Where Could Gold and Silver Go Next?

From a technical perspective, analysts believe the outlook remains constructive.

If gold manages to hold above $4,100 per ounce, it could soon challenge the $4,130–$4,150 resistance zone. A decisive breakout above that level could pave the way toward $4,170 per ounce.

On the downside, a move back below $4,100 could trigger a short-term correction, with key support levels located near $4,083 and $4,067.

Silver also continues to maintain a positive technical structure. As long as it remains above $60 per ounce, buyers may target a move toward $65, with $70 per ounce becoming a potential upside objective if bullish momentum continues.

However, if silver falls below the $60 support level, renewed selling pressure could push prices toward $59.50 and $59.00, where buyers may once again step in.

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The information and opinions presented in this article are for informational and educational purposes only and should not be considered financial or investment advice. Nothing on this page constitutes a recommendation to buy or sell any assets. Cryptocurrency investments are inherently risky and may result in financial loss. Always do your own research before making any investment decisions.