The Silver price (XAG/USD) edges lower to around $36 during the Asian trading hours on Wednesday, pressured by a modest rebound in the US Dollar (USD). Traders will take more cues from the release of the US ADP Employment Change report for June, which is due later on Wednesday. The Greenback receives support from a better-than-expected increase in labor market demand. This, in turn, exerts some selling pressure on the USD-denominated commodity price, as a firmer USD makes Silver more expensive for foreign buyers. Additionally, rising demand for industrial uses might contribute to silver's...
Silver's move now focuses on upcoming labor market data, including the ADP private payrolls report due on Wednesday and the key June jobs report on Thursday, for further signals on the economic outlook and potential Fed policy moves.At the time of writing, silver was trading at $36,025/Toz. Source: Newsmaker.id
Global gold prices are holding steady in the positive area at around $3,343 per ounce after rallying 2% in the previous two sessions. Currently, the market is taking a wait-and-see attitude ahead of two major agendas from the US: the House vote on Trump's tax bill and the release of June employment data. Although the US dollar strengthened slightly, positive sentiment towards gold remained intact as fiscal concerns, geopolitical tensions, and the direction of trade policy are still the main concerns of investors. Additional support came from central bank purchases and fund flows into...