Precious Metals Preview: Gold and silver near two-week high on easing oil prices; strong US jobs data likely to cap gains

Gold and silver futures climbed to their highest level in over two weeks on Monday morning in Asia as oil prices coiled back well below $100 per barrel mark, easing inflationary pressures. However, data showed upbeat US jobs data, increasing potential for a Fed rate hike and propping up dollar that could cap upside for the precious metal. The US economy added 165,000 jobs in October, compared to 60,000 recorded in September, the US Bureau of Labor Statistics (BLS) reported on Friday. This figure beated the estimates of 65,000. The Unemployment Rate fell to 4.1% in October, down from 4.2% in September. Currently, the yellow metal is quoting at $4124.70 an ounce while silver is hovering near $53 per ounce mark.

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