Silver futures prices have risen again above $41 per ounce, their highest level since August 2011, as signs of a easing US labor market strengthen expectations of a Fed interest rate cut this year.
The US economy added fewer jobs than expected in August, while the unemployment rate rose to its highest level since 2021, extending a string of weak data including ADP private payrolls, JOLTS job openings, and weekly jobless claims.
Traders are now looking ahead to this week's US inflation report, with the market fully anticipating a 25 basis point interest rate cut later this month and some betting on a larger half-point cut. On the industrial front, strong demand from the solar, electric vehicle, and electronics sectors has tightened the physical silver market at a time when supply remains tight. (alg)
Source: Trading Economics
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