Many of the financial markets are continuing the rally that began last week, with the momentum gaining strength due to the jobs report and budget resolution passed last week. These two events have shaped market sentiment in U.S.

The U.S. Labor Department released its jobs report today indicating that the number of new jobs gained in January came in at 49,000, and the unemployment rate fell from 6.7% to 6.3%.

A combination of factors drove both gold and silver pricing dramatically lower, with gold sustaining the strongest drawdown in the precious metals complex, losing well over 2%.