XAG/USD gains support from falling oil prices and lower inflation expectations before key US jobs data.
Silver (XAG/USD) maintains two-day gains at $62.00 in European trading, buoyed by declining oil prices that ease global inflation concerns. Lower inflation expectations reduce the likelihood of central bank rate hikes, benefiting non-yielding assets like silver.
West Texas Intermediate crude trades 0.9% higher at $75 but remains near its three-week low of $73.51. Brent crude holds below $80 amid hopes for a US-Iran deal to resume energy flows through the Strait of Hormuz, further easing supply tensions.
Investors await Friday’s US Nonfarm Payrolls report, which could sway Federal Reserve rate expectations. The ADP employment slowdown has already reinforced expectations of softer labor market data.