Silver prices surge after weaker-than-expected US Nonfarm Payrolls data dampens Fed rate hike expectations.
Silver prices rose to a weekly high of $62.15 in early European trading Friday, extending gains after a softer-than-expected US Nonfarm Payrolls report reduced bets on Federal Reserve interest rate hikes. The move pushed XAG/USD above $62.00, marking its highest level in the week.
Prior to the report, silver had traded in a tight range, reflecting market uncertainty over Fed policy. The latest jobs data contrasted with recent hawkish signals from Fed officials, adding downward pressure on the USD and supporting precious metals.
The rally occurs within a broader bearish trend, though short-term momentum favors further upside if weak economic data persists.