Following a strong US non-farm payroll report, the Federal Reserve (Fed) is unlikely to cut interest rates immediately in 2025, resulting in softening gold prices. However, silver prices surged to their highest level since 2012. According to data from the New York Mercantile Exchange (COMEX), gold futures closed down $28 at $3,322.7 per ounce on June 6, while July silver futures rose 0.9% to $36.139 per ounce.

At the New York Mercantile Exchange (NYMEX), July platinum futures climbed 2.8% to $1,168.1 per ounce, and September palladium futures rose 5.4% to $1,064.50 per ounce. The non-farm employment report released on June 6 indicated that 139,000 jobs were added in May, surpassing the forecast of 130,000.

Goldman Sachs predicts that the Fed will likely keep rates unchanged at its upcoming monetary policy meeting, suggesting that it may only resume a more accommodative monetary policy after labor market conditions deteriorate. This news has also bolstered the dollar, further suppressing gold prices. UBS analysts suggest that the surge in silver prices appears to be driven by speculative trading, as silver seems relatively cheap compared to gold.