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August 29, 2023

Gold and silver rose Tuesday to 3-week highs as job openings dropped to their lowest level since March 2021. Stocks surged too as a cooling labor market helps make the case against further rate hikes. Both metals and equities could be poised to rise higher if PCE and August unemployment data also miss estimates, which investors seem to be betting on given today’s rally. Stocks had one of their best days in months with the Dow gaining nearly 300 points and the S&P 500 and Nasdaq jumping 1.45% and 1.79% respectively.