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The US labor market continues to show signs of strength amid uncertain economic conditions, with initial jobless claims dropping below expectations last week.  210,000 Americans applied for unemployment benefits during the week ended October 5, below expectations of 219,000.

US consumer prices saw no change in September since the month before, matching the weakest reading since the beginning of the year. With underlying inflation reportedly retreating, the latest financial data released by the Labor Department on Thursday supports the case for the Federal Reserve to cut interest rates in October for the third time in 2019.

Gold prices were effectively unchanged this afternoon in the wake of the latest release of discussion minutes from the FOMC; the minutes and notes confirmed the market’s general assessment of a very divided Fed with regards to the rate path forward. Gold spot prices have closed Wednesday’s trading at $1505.40/oz, while silver prices closed just above $17.70.

The Federal Open Market Committee will be releasing minutes from the September meeting later today. Last month the Fed cut rates by 25 basis points for the second time this year. 

US producer prices took an unexpected fall in September due to the drop in the cost of goods and services. The producer price index (PPI) fell -0.3% last month vs. 0.1% expected after a 0.1% increase in August according to a report released on Tuesday by the Labor Department.

Good morning, traders. Welcome to our weekly look at the macroeconomic calendar for the precious metals and Dollar markets. At the time of writing this morning, gold and silver prices are markedly softer; having sold lower throughout overnight trading following a sharp gap higher at the weekly open, which was quickly faded by sellers.

Happy Friday, traders. It’s been a wild week for gold and silver markets, one that has seen the spot price for gold close Friday’s trading just below $1505/oz. So, with no time to spare, what kind of week has it been?

The US economy added 136,000 new jobs in September according to a government report released on Friday. The figure is below expectations of 150,000 jobs, marking the slowest pace of growth in four months and adding to fears of a looming recession.

The service sector grew at a slower rate than expected in September according to the ISM Non-Manufacturing Index which was released on Thursday. The index came in at a reading of 52.6 compared to 55.3 expected by economists surveyed by the Dow Jones. The reading was the lowest pace of growth since August 2016, resulting in a stock market selloff and an uptick in the price of gold.

Last week saw a moderate increase in the number of Americans applying for unemployment benefits. Initial jobless claims rose 3,000 to 213,000 during the week ended September 21 according to a report released on Thursday by the Labor Department. Figures for the prior week were revised upward by 2,000, and overall, the data is still in line with a healthy labor market.

Private payrolls increased by 135,000 jobs vs. 157,000 in August and 125,000 expected in September according to a report released by ADP and Moody Analytics on Wednesday. The monthly average for 2019 so far is 145,000, down from 214,000 in 2018, indicating a significant hiring slowdown.

The ISM US manufacturing Purchasing Manager’s Index sunk to the lowest point since June 2009 according to a report released on Tuesday. The index came in at 47.8, marking the second month of contraction in a row.