1. Investors enter the week coming off a solid start to May on Friday and earnings reports last week from five of the seven “Magnificent 7” companies. And there’s plenty to look forward to in a busy week of labor market data and another slew of major first-quarter results. The S&P 500 closed on Friday up 0.3% for a gain of just under 1% for the week, while the tech-heavy Nasdaq finished Friday up 0.9% for a 1.1% return over the five-day stretch. Both indexes closed at new record highs on Friday. The Dow Jones Industrial Average fell 0.3% on Friday but still managed to gain 0.5% on the week. Another packed week awaits investors, with a deluge of key earnings reports and labor market data set to cross the tape over the next five days.
2. The energy shock from the Iran war may be casting a shadow over the outlook for the U.S. economy, but the labor market has yet to register any signs of it. Forecasters expect the April jobs report on Friday to show a solid 62,000 increase in payrolls, accelerating wage growth, a stable unemployment rate, and an uptick in labor force participation. Private sector job growth was probably even stronger, based on a survey of economists. That would mark not only an end to the wild swings in employment during the first three months of the year, but a return to something even better than the 2025 status quo, when monthly private-sector hiring averaged just 25,000.
3. U.S. stocks rose on Tuesday while oil prices fell as wary markets monitored a fragile ceasefire and assessed the latest rush of earnings. The S&P 500 and Dow Jones Industrial Average rose 0.6% and 0.5%, respectively, with Wall Street stocks poised to rebound from a broad sell-off driven by rising Middle East tensions. The tech-heavy Nasdaq Composite put on 0.7% to lead gains. Oil prices pulled back from Monday’s surge as the US-Iran truce appeared to hold, despite exchanges of fire as both sides tried to exert control in the Strait of Hormuz. Brent crude futures fell nearly 3% to around $111 a barrel, while West Texas Intermediate crude lost over 3% to trade below $103.
4. U.S. private employers added 109,000 jobs in April in the fastest monthly gain since January 2025, payroll processor ADP said Wednesday. Economists surveyed had expected an increase of 120,000 roles after February and March, and each posted an excess of 60,000 positions. ADP’s report may build on the sentiment that the labor market is showing some signs of stability after a bleak 2025.
5. The number of Americans filing claims for unemployment benefits rose moderately last week amid low layoffs, underscoring labor market stability and strengthening financial market expectations that the Federal Reserve will not cut interest rates this year. Initial claims for state unemployment benefits rose 10,000 to a seasonally adjusted 200,000 for the week ended May 2, the Labor Department said. Economists polled had forecasted 205,000 claims for the latest week. Government data on Tuesday showed there were 0.95 job openings for every unemployed person in March versus 0.91 in February, consistent with a stable labor market.
6. Oil steadied in a volatile session as the U.S. waited on Iran’s response to its proposal to end the war and reopen the vital Strait of Hormuz. Brent, the global benchmark, pared most losses from earlier in the day to trade around $100 a barrel amid signs that Iran continues to assert its control of the crucial oil and natural gas transit route. West Texas Intermediate futures were trading around $96 a barrel.
7. EUR/USD now gives away part of the intraday advance and recedes toward the 1.1770 region on Friday. The pair’s upbeat tone follows a marked pullback in the U.S. Dollar as investors continue to assess the latest NFP data along with developments from the Middle East.
8. The U.S. Dollar trades moderately lower against the Japanese Yen on Friday, on track to close the week practically flat, as Japanese authorities’ warnings about further interventions keep Yen sellers on their toes. The pair stalled below 157.00 after bouncing from more than two-month lows on Wednesday, following another round of suspected action by Tokyo.
Developments in the U.S.-Israel war with Iran will steer the dollar in the near term, said FX strategists in a poll, who held on to their outlook for the currency to stay range-bound before weakening later this year. So far, the greenback has largely followed the war’s swings, rising on escalation headlines and falling when tensions eased. It gained about 3% in the first month on short-covering and a partial safe-haven bid but has lost most of those gains since. At its meeting last week, the Federal Reserve held rates as expected, but a divided committee signaled a prolonged pause. Rate futures have switched from pricing in multiple cuts to a hold and even a slim chance of a hike by the end of the year. The euro was forecast to hover around its current level of $1.18 in three months and then rise to $1.19 in six, slightly higher than in an April survey.
U.S. employment increased more than expected in April while the unemployment rate held steady at 4.3%, pointing to labor market resilience and reinforcing expectations that the Federal Reserve would leave interest rates unchanged for some time. Nonfarm payrolls increased by 115,000 jobs last month after an upwardly revised 185,000 advances in March, the Labor Department’s Bureau of Labor Statistics said in its closely watched employment report on Friday. Economists polled had forecasted payrolls rising by 62,000 jobs after a previously reported 178,000 rebound in March.
Mortgage rates continued to climb higher last week, causing both current homeowners and potential homebuyers to retreat from the market, especially first-time buyers. Total mortgage application volume fell 4.4% compared with the week before, according to the Mortgage Bankers Association’s seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $832,750 or less, increased to 6.45% from 6.37%, with points rising to 0.66 from 0.61, including the origination fee, for loans with a 20% down payment. Applications for a mortgage to purchase a home dropped 4% for the week and were just 5% higher than the same week one year ago. Applications to refinance a home loan fell the hardest, down 5% for the week. Demand was still 29% higher than the same week one year ago, but that annual comparison has been shrinking.
Volatility should be expected to remain high as investors will be closely watching for hints on the upcoming monetary policy direction. Many investors have redoubled their efforts to ensure that their portfolios are sufficiently diversified in the hope that they will be able to withstand corrections in multiple market sectors. Many of these investors have included physical precious metals as part of their diversification plans, given their long history as a hedge against both inflation and during times of economic turmoil. Remember, the key to profitability through the ownership of physical precious metals is to own the physical product and hold it for the long term. Always remember that you should never overextend your ability to maintain ownership of your precious metals over the long run.
Trading Department – Precious Metals International Ltd.
Friday to Friday Close (New York Closing Prices)
| May. 1, 2026 | May. 8, 2026 | Net Change | ||
| Gold | $4,629.50 | $4,720.45 | 90.95 | 1.96% |
| Silver | $75.99 | $80.38 | 4.39 | 5.78% |
| Platinum | $1,990.38 | $2,054.67 | 64.29 | 3.23% |
| Palladium | $1,536.07 | $1,491.78 | -44.29 | -2.88% |
| Dow | 49498.87 | 49607.81 | 108.94 | 0.22% |
Previous Year Comparison
| May. 9, 2025 | May. 8, 2026 | Net Change | ||
| Gold | $3,340.91 | $4,720.45 | 1379.54 | 41.29% |
| Silver | $32.79 | $80.38 | 47.59 | 145.14% |
| Platinum | $1,003.06 | $2,054.67 | 1051.61 | 104.84% |
| Palladium | $984.59 | $1,491.78 | 507.19 | 51.51% |
| Dow | 41249.39 | 49607.81 | 8358.42 | 20.26% |
Here are your Short-Term Support and Resistance Levels for the upcoming week.
| Gold | Silver | |
| Support | 4618/4506/4398 | 74.39/71.82/68.28 |
| Resistance | 4727/4838/4946 | 80.51/84.05/87.23 |
| Platinum | Palladiumn | |
| Support | 1969/1897/1802 | 1453/1377/1323 |
| Resistance | 2064/2136/2230 | 1582/1636/1712 |