XAG/USD surges 4.16% on Fed rate cut bets and safe-haven demand before key July payrolls data.
Silver (XAG/USD) climbed to $64.10, marking a 4.16% daily gain and its highest level in six weeks. The rally reflects easing expectations for further Federal Reserve rate hikes and sustained demand for safe-haven assets amid geopolitical tensions.
Economists forecast the US economy added 80K jobs in July, up from 57K in June, with unemployment holding at 4.2%. Annual wage growth is expected to remain at 3.5%. The CME FedWatch Tool shows reduced bets on additional tightening, supporting precious metals.
Markets await the Nonfarm Payrolls report, which could shift Fed policy expectations. Stronger-than-expected data may revive rate hike bets, while a weak print could reinforce easing expectations.