XAG/USD jumps nearly 3% after April payrolls beat forecasts but wage growth misses expectations, weighing on the Dollar.
Silver prices climbed to $80.70, rising 2.98% on Friday, driven by a weaker US Dollar and safe-haven demand amid geopolitical risks. The rally follows a stronger-than-expected US jobs report, with Nonfarm Payrolls increasing by 115K in April, surpassing the 62K forecast. March’s figure was also revised upward to 185K from 178K.
Despite the labor market strength, the Dollar declined as investors focused on potential US-Iran negotiations and improving risk sentiment in equity markets. Annual wage growth rose to 3.6%, below the 3.8% estimate, while the unemployment rate held steady at 4.3%. Geopolitical tensions, including reported military strikes near the Strait of Hormuz, continued to support precious metals.
Silver’s gains reflect its dual role as a safe-haven asset and a USD-denominated commodity, benefiting from the Dollar’s weakness and ongoing market uncertainty.