Gold and silver prices surged Friday after a surprisingly weak jobs report. And some see further gains ahead for the precious metals.
The weak jobs number "paves the path of least resistance for gold higher into the end of the year," Phillip Streible of RJO Futures said Friday on CNBC's "Power Lunch."
Only 142,000 jobs were created in September according to the nonfarm payrolls metric, versus expectations of 203,000. This was seen as reducing the chance that the Federal Reserve raises rates in 2015, given that the Fed was hoping to see strengthening economic growth.
Streible termed the weak report a "wake-up call" for the Fed.
As the chance of a 2015 hike was seen as being reduced, bond yields and the U.S. dollar declined Friday. A falling dollar and sliding bond yields are both generally positive developments for gold prices.
There are other factors that could spur gold prices, Streible adds. He points out that Russian and Chinese gold reserves are rising, while falling prices could weigh on mining activity. This shift in supply and in demand would also help gold.
Streible sees gold rising to $1,200 per troy ounce by the end of the year.