Silver trades near five-week high ahead of US jobs data

Economies.com
2023-09-01 09:44AM UTC

Silver prices rose in European trade, resuming gains after a two-day hiatus on profit-taking, while now approaching five-week highs anew as the dollar index declines. 

 

Dollar's decline comes ahead of new US jobs data, which will provide important clues on the likely path ahead for the Federal Reserve monetary policies.

 

Silver Prices Today

 

Silver prices rose 0.65% to $24.44 an ounce, after closing down 0.7% yesterday, the second loss in a row on profit-taking off five-week highs at $25.02 an ounce.

 

The Dollar

 

The dollar index fell 0.1% on Friday, resuming losses against a basket of major rivals.

 

Chances of additional interest rate hikes by the Federal Reserve declined after a spate of weak US data this week, which hinted at a possible recession.

 

US Rates

 

Current odds for maintaining interest rates unchanged in September stand at 89%, while odds for maintaining interest rates in November stand at 56%. 

 

Jobs Data

 

Now investors await crucial data later today, including US payrolls report, which covers new jobs, average hourly wages, and unemployment. 

 

At 12:30 GMT, US non-farm payrolls data is expected to show the addition of 169 thousand new jobs in August, while unemployment is expected to settle at 3.5%.

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