Gold, silver rise as US jobs miss curbs Fed hike bets; yen, Hormuz in focus

Gold and silver rose sharply Friday after a surprise July jobs decline lowered Treasury yields and reduced expectations for a September Federal Reserve rate hike. Nonfarm payrolls fell by 23,000 and unemployment was 4.1%. The 10-year Treasury yield dropped to about 4.60%, and futures cut the implied September hike probability to 44.0% from 54.7%. The Fed held rates at 3.50%-3.75% on July 29. Geopolitical risk from unresolved Strait of Hormuz tensions and this week's first joint U.S.-Japan yen intervention since 1998 also affected markets. Global equities were mixed.