US added just 29,000 jobs in September in sharp drop from last month’s gains

AI desk brief

September US payrolls rose just 29,000 versus expectations near 70,000, with unemployment ticking up to 4.2% and prior months revised down by 60,000 jobs. The softer labour data strengthens the case for the Fed to pause later this month, which is supportive for gold and silver via lower rate-hike expectations, though the move is offset somewhat by still-elevated inflation and the 10-year Treasury yield hitting a 24-year high.

The article also notes mortgage rates jumped to 7.28% and higher oil prices are feeding inflation pressure. For metals, the key near-term tension is between a weakening labour market and stubborn inflation, with any further drop in yields likely bullish for bullion.