{"id":64159,"date":"2026-07-03T00:08:23","date_gmt":"2026-07-03T04:08:23","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/precious-metals-surge-as-fed-rate-hike-bets-recede-canada-greenlights-new-pacific-pipeline\/64159\/"},"modified":"2026-07-03T00:08:23","modified_gmt":"2026-07-03T04:08:23","slug":"precious-metals-surge-as-fed-rate-hike-bets-recede-canada-greenlights-new-pacific-pipeline","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/precious-metals-surge-as-fed-rate-hike-bets-recede-canada-greenlights-new-pacific-pipeline\/64159\/","title":{"rendered":"Precious Metals Surge as Fed Rate Hike Bets Recede; Canada Greenlights New Pacific Pipeline"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong><a href=\"https:\/\/stockmarketwatch.com\/metal\/gold\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">Gold prices<\/a> hit the $4,200 neighborhood<\/strong> and <strong><a href=\"https:\/\/stockmarketwatch.com\/metal\/silver\" data-internallinksmanager029f6b8e52c=\"5\" title=\"silver price today\">Silver<\/a> (XAG\/USD) climbed above $62.50<\/strong> after a cooling US labor market prompted traders to slash bets on future Federal Reserve interest rate hikes.<\/li>\n<li>The <strong>US Dollar Index (DXY) fell toward 100.80<\/strong>, hitting a two-week low as investors reconsidered the central bank&#39;s hawkish trajectory following a weak June Nonfarm Payrolls report.<\/li>\n<li><strong>Canada and Alberta reached a landmark agreement<\/strong> to back a new <a href=\"https:\/\/stockmarketwatch.com\/energy\/crude-oil\" data-internallinksmanager029f6b8e52c=\"12\" title=\"Crude oil\">crude oil<\/a> pipeline to the Pacific Coast, designed to transport <strong>one million barrels per day<\/strong> and diversify exports beyond the U.S. market.<\/li>\n<li><strong>Oil prices continued to decline<\/strong> as optimism surrounding U.S.-Iran diplomatic talks in Qatar eased long-standing concerns over supply disruptions in the <strong>Strait of Hormuz<\/strong>.<\/li>\n<li><strong>Japan\u2019s Nikkei 225 index dropped 1.0%<\/strong>, led by a retreat in electronics and technology stocks as investors locked in profits following recent rallies.<\/li>\n<\/ul>\n<h2>Precious Metals and Forex Markets<\/h2>\n<p><strong>Gold (XAU\/USD)<\/strong> prices surged to a one-and-a-half-week high near <strong>$4,200<\/strong> on Friday, marking a significant recovery as the <strong>Federal Reserve&#39;s<\/strong> hawkish stance appears to be softening. The rally was catalyzed by the June <strong>Nonfarm Payrolls (NFP)<\/strong> report, which showed the U.S. economy added only <strong>57,000 jobs<\/strong>, far below the <strong>110,000<\/strong> expected by analysts.<\/p>\n<p><strong>Silver (XAG\/USD)<\/strong> followed suit, rising above <strong>$62.50<\/strong> per troy ounce for its fourth consecutive day of gains. <em>Market participants are now pricing in a 52% chance of a September rate hike, down from 66% prior to the jobs data<\/em>, creating a highly supportive environment for non-yielding assets.<\/p>\n<p>The <strong>US Dollar Index (DXY)<\/strong> faced intense pressure, retreating toward the <strong>100.80<\/strong> level. As traders unwind hawkish bets, the greenback has struggled to maintain its recent strength, further fueling the ascent of dollar-denominated commodities like gold and silver.<\/p>\n<h2>Energy and Infrastructure<\/h2>\n<p>In a major shift for North American energy, the <strong>Canadian federal government<\/strong> and the province of <strong>Alberta<\/strong> have agreed to support a new <strong>crude oil pipeline<\/strong> to the Pacific Coast. The project, which will be co-backed by the state-owned <strong>Trans Mountain Corporation<\/strong>, includes a <strong>10%<\/strong> stake for <strong>Pembina Pipeline<\/strong> (<a href=\"\/stock\/PPL\">PPL<\/a>).<\/p>\n<p>The agreement is contingent on the construction of a massive <strong>carbon-capture and storage facility<\/strong> to meet federal environmental standards. <em>Prime Minister Mark Carney described the pipeline as a &quot;nation-building project&quot;<\/em> that will allow Canada to significantly expand its export capacity to Asian markets.<\/p>\n<p>Meanwhile, global <strong>oil prices<\/strong> fell, with <strong>Brent crude<\/strong> trading near <strong>$72.00<\/strong> a barrel. The decline reflects easing geopolitical risk premiums as technical talks between Washington and Tehran in <strong>Qatar<\/strong> show progress toward securing stable shipping through the <strong>Strait of Hormuz<\/strong>.<\/p>\n<h2>Global Equities and Banking<\/h2>\n<p>The <strong>Nikkei 225<\/strong> (^NKI) fell <strong>1.0%<\/strong> on Friday, dragged down by a sell-off in the electronics and technology sectors. Major chip-related firms and AI investors, such as <strong>SoftBank Group<\/strong> (<a href=\"\/stock\/SFTBY\">SFTBY<\/a>), saw declines as the market grew cautious following the index&#39;s rapid year-to-date gains.<\/p>\n<p>In Hong Kong, mainland Chinese investment banks are increasingly dominating the <strong>IPO market<\/strong>, challenging the traditional stronghold of global giants like <strong>Goldman Sachs<\/strong> (<a href=\"\/stock\/GS\">GS<\/a>). <strong>China International Capital Corporation (CICC)<\/strong> led the charge, helping raise <strong>$3.23 billion<\/strong> in the first half of the year, capturing over <strong>12%<\/strong> of the market share.<\/p>\n<h2>Geopolitical Developments<\/h2>\n<p>Geopolitical tensions flared as an industrial facility in <strong>Russia\u2019s Belgorod region<\/strong> caught fire following a <strong>Ukrainian missile strike<\/strong>. Local officials reported that the attack damaged energy infrastructure and disrupted water and gas supplies, resulting in at least one confirmed fatality.<\/p>\n<p>This strike is part of an intensifying campaign of long-range attacks targeting <strong>Russian military and energy industries<\/strong>. While these events maintain a baseline of market volatility, the immediate impact on global energy prices has been offset by the improving supply outlook in the Middle East.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Gold prices hit the $4,200 neighborhood and Silver (XAG\/USD) climbed above $62.50 after a cooling US labor market 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