Silver jumps by 3%, gold by 1%

The prices of precious metals advanced on Monday after the United States reported a weaker-than-expected increase in nonfarm payrolls in April, apparently raising optimism with investors that the Federal Reserve could consider cutting its interest rates in the near future.

Silver soared by 3.01% at 9:31 am ET to sell for $27.34 per ounce. At that minute, gold went up by 0.95% to go for $2,323.59 per ounce, having surpassed 1% moments earlier. Platinum gained 0.72% at 9:32 am ET, selling for $964.82 per ounce. Meanwhile, palladium surged by 2.51% to go for $959.97 per ounce.