XAG/USD gains 1% as traders await July NFP data, which could sway Fed rate cut expectations amid stable labor market signals.
Silver prices rose 1% to near $62.20 in Asian trading Friday, driven by anticipation of the US July Nonfarm Payrolls report. The data, due at 12:30 GMT, is expected to show a modest rebound to 70k jobs after June’s weaker-than-expected 57k print, with unemployment steady at 4.2%.
Analysts suggest the labor market remains stable but subdued, with hiring trends unlikely to signal a sharp downturn. The report’s outcome may influence Federal Reserve policy expectations, as markets weigh the timing of potential rate cuts amid mixed economic signals.
Higher oil prices near $77.00, fueled by geopolitical tensions in the Strait of Hormuz, could cap silver’s upside by stoking inflation fears and reducing appetite for non-yielding assets.