XAG/USD climbs 2.6% ahead of US jobs data, fueled by geopolitical risks despite central bank policy concerns.
Silver prices (XAG/USD) rose 2.6% to near $80.50 in early European trading Friday, driven by safe-haven demand amid US-Iran tensions. President Trump confirmed the ceasefire remains intact despite recent clashes near the Strait of Hormuz, easing immediate escalation fears but sustaining risk aversion.
The April US Nonfarm Payrolls report, due at 12:30 GMT, is expected to show 62K new jobs, down sharply from March’s 178K. Steady unemployment at 4.3% is forecast. Persistent geopolitical risks support silver, though higher oil prices and inflation concerns may limit central bank rate cuts, pressuring non-yielding assets.
Investors are balancing safe-haven flows against monetary policy expectations as the data release approaches.