Silver consolidates above 1-week low ahead of US jobs data

Economies.com
2021-02-05 11:44AM UTC

Silver prices rose on Friday, to consolidate above the 1-week low that was hit yesterday, ahead of the US monthly jobs report.

 

Silver prices rose 1.5% to $26.75 an ounce, after opening at $26.35, and hit a high of $26.18.

 

The precious metal fell 2% yesterday, and posted the second daily loss in 3 days and a 1-week low of $25.89.

 

Silver jumped to its 6-month high above the $30/ounce barrier earlier this week, on strong demand from retail traders and the covering of large selling positions.

 

This came as some retail investors on the website "Reddit" urged on Thursday people to buy silver-backed ETFs and raise its price.

 

Investors are anticipating the US jobs report for January, which provides insight on the economy's performance during the first quarter of 2021.

 

At 13:30 GMT, the US economy will reveal January's non-farm jobs report, which is expected to show 85K new jobs, compared to a 140K loss in December, while unemployment is expected at 6.7%, and the average hourly earnings is expected to rise by 0.3% from 0.8%.

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