Silver prices stability ahead of US labor market data

Silver prices settled on Thursday European market within a limited range of trading near the lowest level in seven weeks, with investors awaited important data about the the US labor market searching for new evidence concerning the timing of the rising of US interest rates.

By the time 1130 silver traded around $ 15.98 per ounce after the opening of trading today at $ 15.96, and recorded the highest level of $ 16.02, and the lowest level of $ 15.90.

Silver prices during trading yesterday recorded its lowest level in seven weeks $ 15.81 an ounce after strong US data showed the manufacturing sector accelerated growth during May.

Silver lost 11 percent in May, the biggest monthly loss since September, due to declining investment demand for precious gold and silver metals, in exchange for the accelerated purchase of American currency supported by strong expectations of the onset of the Federal Reserve to raise US interest rates by one of the two meetings coming in June or July.

In order to re-evaluate those expectations many investors awaiting key labor market data in the United States, which is expected to provide signs about the US economy growth path strength during the second quarter, helping Federal Reserve to implement of raising interest rates cycle.

Today's data, ADP Non-Farm Employment Change , and and expected 174 thousand during May from 156 thousand in April, and on Friday will be released the Non-Farm Employment Change data, and expected 159 thousand in May from 160 thousand in April, and the unemployment rate to fall to 4.9% from 5.0%.