Prices for gold and silver surged on Tuesday evening.

International precious metals moved higher, with the spot price of gold spiking sharply, at one point gaining 2.71% to trade at $4118.37 per ounce.

Spot silver broke through $61 per ounce, rising 3.24% on the day.

On the news front, US non-farm payrolls increased by 57,000 in June, falling short of the estimated 113,000 gain and the previous month's increase of 172,000. The US unemployment rate for June fell to 4.2%, its lowest level since June 2025 and below the market expectation of 4.3%.

Recently, the World Gold Council's mid-year outlook report noted that despite a price correction in the first half of the year, gold remains one of the best-performing assets over the past 12 months. In the second half of the year, gold price movements are expected to stabilize, continuing to act as a barometer for the global macroeconomy.

The report forecasts that gold prices in the latter half of the year will likely fluctuate narrowly around $4100, with geopolitical events and shifts in interest rate expectations driving potential breakouts. Ongoing central bank purchases are providing underlying support, while India's increase in gold import tariffs is suppressing physical demand. The price of gold has potential to rise towards $4500, while deep downside would likely be limited by bargain-hunting demand.