Silver prices broke through $41 per ounce on Wednesday (September 10), holding near a 14-year high as speculation of an interest rate cut by the US Federal Reserve mounted.
On Tuesday, the US Bureau of Labor Statistics reported that the economy likely added 911,000 fewer jobs in the 12 months to March, or about 76,000 fewer per month, confirming weaker labor market conditions than previously estimated.
Combined with last week's weak August jobs report, this data reinforces expectations for a 25 basis point Fed rate cut next week, although some investors are speculating on a larger 50 basis point cut.
Market focus now shifts to key inflation data this week, with the release of the August Producer Price Index (PPI) on Wednesday and the Consumer Price Index (CPI) on Thursday.
On the industrial front, steady demand from the solar power, electric vehicle, and electronics sectors is keeping the physical silver market tight amid continued supply constraints.
The price of silver at the time of writing was $41.044/Toz.
DISCLAIMER
Note: This article is for analytical purposes only and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
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