Silver

Central-bank path: Actual 2.50% matched the 2.50% forecast, so the move came more from positioning, revisions or the details. Policy guidance directly changes expected rate spreads and the discount rate investors use for this asset. For metals, that moves real yields, dollar demand and hedge demand.

Labor-market signal: Actual 4.2% missed the 4.3% forecast, pushing the market toward a softer macro read. Jobs data changes the growth-versus-inflation balance and can reset expectations for the next policy move. For metals, that moves real yields, dollar demand and hedge demand.