Silver and Gold Market Update - July 4, 2024 

Silver Spot Price Today. Silver News Today. Gold Spot Price Today. Gold News Today.
The precious metals markets did very little in overnight trading. The real story was the strong gains in both Silver and Gold yesterday in the US markets, as more data signaled a contraction in the US economy.
Gold prices rose more than 1% to a near two-week high on Wednesday Silver prices also rose 1.75 percent. Both metals were driven by increased bets for a September interest rate cut by the Federal Reserve after recent U.S. data suggested that the labor market was softening.
On Wednesday, the Institute for Supply Management (ISM) said its Services Purchasing Managers Index dropped to 48.8% in June, compared to May’s reading of 53.8%. The data was significantly weaker than expected, as consensus forecasts looked for a much smaller drop to 52.6. This data showed the U.S. service sector contracting sharply during the period.
The U.S. service sector is seeing its weakest activity since the economy was shuttered during the COVID-19 pandemic.
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